China attracts over US$60 billion in foreign direct investment in 2005

16 January 2006

Beijing, China, 16 Jan – China attracted over US$60 billion in foreign direct investment (FDI) for the second year running, figures published Friday by the Chinese Ministry of Commerce show.

FDI in China in 2005 totaled US$60.33 billion, only slightly under the record registered in 2004 of US$60.63 billion, thanks to US$7.2 billion invested last December.

The Ministry said the figures did not include growing investment in Chinese banks, brokerages and insurers.

FDI has been crucial in China’s becoming the third largest nation in the world with the largest trade volume due to the fact that foreign companies represent almost 60 percent of Chinese exports.

Since it joined the World Trade Organization (WTO) in 2001, China has received over US$1 billion in investment every week.

In 2005, the largest amount of FDI came to China from Hong Kong, with US$17.95 billion or 29.75 percent of the total, followed by the European Union and the United States, the Ministry said without publishing exact figures. (macauhub)