China attracts flood of foreign direct investment amid Covid-19 pandemic
Foreign direct investment (FDI) in China hit a record $144.37 billion in 2020, as the world’s second-largest economy keeps on recovering from the Covid-19 pandemic, according to China’s Ministry of Commerce.
The latest data released by the ministry shows that FDI saw a 4.5-percent year-on-year growth in dollar terms, and a 6.2-percent increase when expressed in yuan.
Foreign inflows into the country’s service industry advanced 13.9 percent year on year, totaling $112 billion and accounting for nearly 80 percent of the entire FDI portfolio. Meanwhile, foreign investment in the advanced-technology industry expanded by 11.4 percent year on year, and high-tech service sector investments rose by 28.5 percent.Also on rt.com Like it or not, US no longer holding world in its palm, China is – Professor Richard Wolff to RT’s Boom Bust
The ministry stressed that the latest figures show China has managed to emerge from Covid-19 and meet its target of stabilizing foreign investment in 2020, bucking the downward trend in global foreign investment.
Foreign investments from the top-15 FDI countries and regions grew by 6.4 percent, and took 98 percent of the total FDI to the Chinese mainland. Financial inflows from the Netherlands and the UK advanced 47.6 percent and 30.7 percent respectively. At the same time, investments by the Association of Southeast Asian Nations increased by 0.7 percent.
For more stories on economy & finance visit RT's business section