China gets $37 billion FDI in Q1

FDI

China received USD 37 billion worth of foreign direct investment in the first quarter of this year, registering a 0.5 percent growth with investments from 14,340 overseas firms.

FDI inflow edged up 0.4 percent year-on-year in March to 88.14 billion yuan (USD 14.03 billion), Gao Feng, spokesperson with the ministry of commerce, said at a press conference.

In the first quarter, total FDI inflow rose 0.5 percent to 227.54 billion yuan (USD 37 billion).

China received USD 122 billion FDI in the first 11 months of the year.

The number of new overseas-funded companies established in the first three months surged 124.7 percent from a year earlier to 14,340, Gao said.

Investment into high-tech sectors rose 12.8 percent and accounted for 19.3 percent of the total FDI, data showed.

The high-tech manufacturing sector continued to see "relatively fast" investment growth, as it attracted 22.5 billion yuan in overseas investment, up 66 percent.

Central China saw an FDI increase of 46.7 percent, while western China used 23.4 percent more investment compared to the same period last year.

Investment from countries along the Belt and Road increased 76 percent in the first quarter, Gao said.

Earlier this week, Chinese leaders unveiled new measures for expanding reform and opening up, including broadening market access, creating a more attractive investment environment, strengthening protection of intellectual property rights and expanding imports.

Gao said the new pledges showed China's "resolution and confidence to push forward the new round of high-level opening up".

The ministry is working with other departments to draft a series of policies, including those on improving the negative list on foreign investment, expanding opening up and optimising the investment environment, Gao said.

"In the first half, we will work to complete the revision of the negative list on foreign investment," he said.