Skyscrapers and people at the Bund, the landmark of Shanghai. (Photo:Xinhua)

In the challenging global economic environment, China’s foreign direct investment (FDI) in 2018 hit a record high of $134.97 billion, up 3 percent from a year earlier, data released by the Ministry of Commerce showed on Monday.

A total of 60,533 foreign-invested enterprises were newly established in the country last year, up 69.8 percent year on year. In December alone, FDI reached $13.71 billion, up 23.2 percent from a year earlier.

FDI within the manufacturing sector grew 20.1 percent year-on-year in 2018, up 4.8 percentage points, with investment in high-tech manufacturing surging to 35.1 percent.

FDI within central and western China registered significant growth in 2018. Specifically, the actual use of foreign capital in the central provinces increased by 15.4 percent year-on-year and it surged 18.5 percent in the western region.

The ministry said that major FDI projects with a contract value of over $50 million reached nearly 1,700 in 2018, up 23.3 percent from the previous year.

Singapore, South Korea, Japan, the UK, Germany, and the US were China’s major investment sources last year, with investment from the UK posting the fastest growth, increasing 150.1 percent.

Monday’s data also showed investment from Belt and Road countries posted a growth of 13.2 percent.

The news comes at a gloomy time when global growth is faltering. According to the Global Investment Trends Monitor report released by the United Nations Conference on Trade and Development, global FDI fell by 41 percent in the first half of 2018, and that of developed countries dropped by 69 percent.

China has adopted an array of measures to open its doors wider, easing foreign equity restrictions, streamlining administrative procedures, and better protecting the rights of foreign businesses.

The Ministry said that the country will continue to shorten the negative lists for foreign investors and allow wholly-foreign ownership in more sectors in 2019.