China's FDI inflows surges to $9.41 billion in July

China's FDI inflows surges to $9.41 billion in July  Beijing: Foreign Direct Investment to China surged to USD 9.41 billion in July registering 24.13 percent year on year increase, as the country continues to have robust growth in investment from abroad despite economic slowdown.

At the same China's Outbound Direct Investment (ODI) crossed USD 50 billion mark in the first six months registering a 20 per cent increase.

China attracted USD 9.41 billion in FDI in July which amounted to USD 71.39 billion in the first seven months up 7.09 percent from the same period last year, the Commerce Ministry said here today.

The data does not cover incoming investments in banking, securities and insurance sectors.

The service sector saw a steady increase of FDI inflows in the first seven months, up 15.78 percent year on year and accounting for 49.93 percent of the total FDI inflow during the period, state-run Xinhua reported.

FDI in China's manufacturing sector dropped 2.42 percent, taking a 41.18 percent share of the inflow, the ministry said.

Investment from the US rose 11.44 percent to USD 2.18 billion during the January-July period, while investment from the European Union grew 16.72 percent to US 4.64 billion.

Meanwhile, Chinese investment in overseas non-financial sectors rose 20 percent year on year to USD 50.6 billion in the first seven months, the ministry said.

Friday's data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world's second-largest economy may be gradually stabilizing after a protracted slowdown.

Among the latest evidence, HSBC's preliminary reading for China's manufacturing sector showed the Purchasing Managers Index (PMI) rose to 50.1 in August, the highest level in four months.

PTI