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China FDI turns sluggish in Feb.
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CHINA'S foreign direct investment growth lost momentum in February but mainly due to seasonal factors, according to the Ministry of Commerce today.
Foreign investors channeled US$8.56 billion into the country last month, up 0.9 percent from a year earlier. The growth pace moderated sharply from the surge of 29.4 percent in January, which was the strongest in nearly four years.
Shen Danyang, a spokesman at the ministry, said the different timing of the Chinese New Year, which started in February this year but in January last year, was the main reason for the moderation.
"China remains an attractive place for foreign investors due to its massive market potential, good infrastructure construction and the continuous improvement of business environment," Shen said.
In the first two months, foreign investment still expanded 17 percent to US$22.5 billion. It was led by growth in services, which surged 30 percent year on year to US$13.7 billion and represented 61 percent of the total. Investment in manufacturing rose 7.1 percent to US$7.4 billion, or 33.3 percent in the basket.
China released a revised guideline on foreign investment last week, which allows foreign investment participation in more industries and encourages foreign funding in strategic industries such as green energy and research and development. The revision was dubbed as the largest opening-up efforts so far since China issued the guideline in 1995.
In 2014, China absorbed altogether US$119.6 billion non-financial foreign investment, up 1.7 percent year on year. It helped China surpassed the United States to become the world's top destination for foreign investment.
Meanwhile, China's outbound direct investment increased 68.2 percent to US$7.25 billion in February, picking up from the pace of 40.6 percent in January.
In 2014, China's outbound direct investment reached US$116 billion, only slightly below the inbound investment.
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