China’s foreign direct investment (FDI) reached a new high in the first six months of the year, the Ministry of Commerce (MOFCOM) said. Foreign companies invested CNY420.5 billion in the country during the January-June period, up 8.3% from a year earlier, with 11,914 new foreign-invested firms set up. The growth was led by funds in services, which expanded 23.6% year-on-year to USD43.4 billion in the first six months, 63.5% of the total. Capital for the financial sector increased nearly five times and that for scientific research more than doubled. Investment in manufacturing contracted 8.4% to USD20.8 billion, or 30.5% of the total. But funds flowing into telecom equipment manufacturing and chemical manufacturing rose 231% and 71.9% respectively during the period. The European Union directed USD4.08 billion into China in the first six months, up 13.7% year-on-year. But the United States cut its investment by 37.6% to USD1.09 billion, partly due to a high comparative base. In June alone, China’s FDI rose 0.7% to USD14.5 billion, the Shanghai Daily reports.