China Sees First FDI Drop in Three Years01-16 15:35 Caijing
China’s Foreign Direct Investment (FDI) reported the first annual drop in three years since 2009, as the country, one of the world’s top destinations for foreign investment is suffering from a weaker global economy.
The country’s FDI totaled $111.72billion last year, 3.7% lower from the previous year, said spokesman for the Ministry of Commerce Shen Danyang on Wednesday.
FDI for the single month of December dropped 4.5% year-on-year to $11.7billion, much lower than the expectation of a 2.0% decline.
US investment in China grew 4.5% year-on-year and direct investment from Japan grew 16.3% from a year ago despite the land dispute which led to cooling down of Sino-Japan relations.
Shen said China still faces headwinds this year in foreign trade as the country tries to have the foreign trade growth keep pace with the broader GDP growth.
Outlook for foreign trade remains difficult, Shen said as he listed international demand, cost and trade environment as the three major challenges.
Latest statistics by Chinese Customs showed a 6.2% in exports and imports in 2012 on a yearly basis, missing the 10% growth target.
Editors’ Picks »
- 1China Bans Payment Firms from Providing Services to Bitcoin Trading
- 2Explosive Bank Loan Rise May Spark Tightening of Credit
- 3Rules on Local Govt Debts to be Rewritten
- 4China Anti-Trust Regulator Has substantial Evidence Against Qualcomm: China Daily
- 5Chinese Government Departments in Race to Spend $CNY 2.5Trl in Dec
- 6Tesla Motors Launches Its Chinese Website Amid Trademark Dispute
- 7Renminbi Rising?
- 8China Mobile Makes 4G Inroads
- 9PetroChina's Chief Accountant Targeted as Corruption Probe Widens
- 10PetroChina Denies Wang Lihua Being Investigated