FDI inflows to mainland expand steadily, ministry says

Foreign direct investment (FDI) into the Chinese mainland rose 2.3 percent year-on-year to 496.7 billion yuan ($71.98 billion) in the first seven months of 2018, official data showed Thursday.

In dollar terms, FDI inflow grew 5.5 percent to $76 billion in the period, according to an online statement released by the Ministry of Commerce (MOFCOM).

In July alone, FDI inflows rose 14.9 percent year-on-year to 50.4 billion yuan.

The number of new overseasfunded companies established in the period surged 99.1 percent from a year earlier to 35,239, MOFCOM data showed.

Investment in high-technology industries rose 7.5 percent and accounted for 21.5 percent of the total FDI, with the advanced manufacturing sector attracting 48.78 billion yuan, up 31 percent.

In first seven months, China’s 11 pilot free trade zones saw FDI inflows rise 30 percent to 65.8 billion yuan, with 5,186 new overseas-funded firms established.

Regions in western China used 31.9 billion yuan of overseas investment, up 14.5 percent.

Investment from countries along the route of the Belt and Road initiative surged 29.8 percent, while other major FDI sources also witnessed healthy growth, the MOFCOM said.

China has rolled out a number of measures to significantly broaden market access this year. In late June, China unveiled a shortened negative list for foreign investment, which cut the number of items to 48 from 63 in the previous version, and it detailed 22 opening-up measures in several sectors.