Foreign direct investment increases by 0.5% in first two months
March 20, 2018 Category China News Round-up, Weekly
Foreign direct investment (FDI) in China rose 0.5% year-on-year to CNY139.4 billion in the first two months of the year. FDI from Singapore, South Korea and the United States jumped 62.9%, 171.9% and 56.8% respectively, the Ministry of Commerce said. The number of newly-established foreign companies reached 8,848, up 129.2% on a year-on-year basis. Capital inflow from the Association of Southeast Asian Nations (ASEAN) and economies related to the Belt and Road Initiative into the Chinese mainland also surged 76.9% and 75.7% respectively from the same period last year. “The sharp contrast between the growth rates in the number of new foreign companies and FDI is caused by the country’s ongoing industry upgrading and new policies to attract foreign business to invest in the country’s high-tech and service-related sectors,” said Zhou Mi, Researcher at the Chinese Academy of International Trade and Economic Cooperation. He said the figures show that the amount of FDI in single projects decreased.
The general manufacturing sector will be completely opened up to foreign investment, and access to sectors such as telecommunications, medical services, education, elderly care and new-energy vehicles (NEVs) will be expanded this year. China will also phase in an opening-up of bank card clearing and other markets; lift restrictions on the scope of operations of foreign-invested insurance companies, and ease or lift restrictions on the share of foreign-owned equity in companies in sectors including banking, securities, fund management and futures. Foreign capital inflow in the high-tech manufacturing sector rose 27.9% year-on-year, accounting for almost a fifth of the total FDI.
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