Foreign direct investment (FDI) in China is expected to total about US$57 billion in 2003, said a high-ranking official Monday in Xiamen, in east China's Fujian Province.

In a prepared speech at the 7th China International Fair for Investment and Trade (CIFIT), Minister of Commerce Lu Fuyuan said that in the past 25 years, China has adhered to the policy of encouraging foreign investment and spared no efforts in improving investment environment.

In 2002, China used US$52.7 billion of foreign direct investment, setting a record in China's history and ranking the first place in the world.

In the January-July period this year, China approved the establishment of 22,245 new foreign-funded firms, with contractual FDI totaling US$59.2 billion. Actual inflow of FDI totaled US$33.4 billion during the period.

(Xinhua News Agency September 8, 2003)