Number of new foreign-invested firms in China continues to grow: ministry

An aerial panoramic drone photo taken on May 23, 2024 shows the construction site (R) of U.S. carmaker Tesla's Megapack factory in east China's Shanghai. (Xinhua/Fang Zhe)

BEIJING, May 25 (Xinhua) -- The number of newly established foreign-invested enterprises in China rose 19.2 percent year on year in the first four months of 2024, sustaining growth momentum, data from the Ministry of Commerce showed on Friday.

A total of 16,805 foreign-invested enterprises were established nationwide during the January-April period, according to the ministry.

The actual foreign direct investment (FDI) came in at 360.2 billion yuan (about 50.66 billion U.S. dollars), down 27.9 percent from a year ago.

The year-on-year decline in FDI is mainly attributable to a high base last year, the ministry said in a statement, adding that the increase in newly established foreign-funded enterprises signals that more investments can be expected in the future, once construction begins on projects brought by these companies.

"The fundamental trend of China's economic rebound and long-term positive outlook has not changed, and the attraction of the Chinese market for foreign investors has continued to strengthen," the ministry said.

In specific sectors, FDI in the manufacturing industry climbed to about 103.7 billion yuan during the period, accounting for 28.8 percent of the total FDI. In particular, high-tech manufacturing attracted 45.73 billion yuan, with their share in the total FDI expanding 2.7 percentage points from a year ago to 12.7 percent.

Investment from Spain, Germany and the Netherlands increased by 263 percent, 34.7 percent and 9.5 percent, respectively, the data showed.

The recently released 2024 Kearney FDI Confidence Index report shows that China jumped from the seventh position to third, and retained its top spot among emerging markets.