Foreign investment gravitates toward China amid easing market access

0 Comment(s)Print E-mail Xinhua, February 11, 2021
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China's January foreign direct investment (FDI) data has shown that the country remained an attractive destination for foreign investors following a record-breaking inflow in 2020.

FDI into the Chinese mainland expanded 4.6 percent year on year in actual use to 91.61 billion yuan last month, the Ministry of Commerce (MOC) said on Wednesday.

In U.S. dollar terms, the inflow rose 6.2 percent year on year to 13.47 billion dollars.

Foreign investment in the services industry came in at 68.46 billion yuan in January, up 11 percent year on year and accounting for 74.7 percent of the country's total FDI, according to the MOC.

Wholesale and retail trade sectors saw FDI climb 27.2 percent year on year during the period, and the accommodation and catering industries saw a 71.5 percent surge.

Last year, the country recorded a 4-percent growth in inflows, making it the largest recipient of FDI in the world, according to a report from the United Nations Conference on Trade and Development.

MOC official Zong Changqing attributed the growth in FDI to the country's choice of expanding opening-up amid the epidemic.

In contrast to some countries that raise barriers to foreign investment, Zong said that China is more determined to carry out reform and opening-up for stabilizing foreign investment in face of the hardships.

The country has kept shortening its negative list and opening more fields to create opportunities for foreign investors, Zong added.

The MOC has pledged to continue widening market access for foreign investment, which continues to face a complex and severe situation this year.

China will fully implement a new negative list for foreign investment and further lift restrictive measures, according to the MOC.

Xiao Benhua, an expert with the Shanghai Lixin University of Accounting and Finance, said China is expected to further expand opening up in key areas such as finance, education and medical care.

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