China's inbound FDI up 7.9% in October
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Foreign direct investment (FDI) into China rose for the 15th consecutive month in October, indicating China remains a favored investment destination for foreign businesses.
Inbound FDI increased 7.86 percent year on year in October to 7.663 billion U.S. dollars, the Ministry of Commerce (MOC) said Tuesday.
The October figure means inbound FDI for the first 10 months of the year totaled 82.003 billion U.S. dollars, a year-on-year increase of 15.71 percent.
MOC spokesman Yao Jian said at a press conference China remains a hot spot for foreign investors.
Foreign businesses have begun to shift their investments from export-orientated sectors to domestic market-orientated businesses because of China's improved legal system and its expanding market, he said.
In the first 10 months of the year, the manufacturing sector received 47.59 percent of FDI inflows while the services industry got 45 percent.
A total of 21,181 foreign-invested enterprises were approved for establishment during the 10-month period, up 16.62 percent from a year earlier.
In September inbound FDI grew 6.14 percent year on year.
The acceleration in the rate of inbound FDI growth was due to the U.S.'s second round of quantitative easing, some analysts explained.
Yao denied the link but said the Chinese government is keeping an eye on liquidity.
