China's
foreign investment surges in August (09/13/2002)
A flood of overseas cash pouring into China's economy picked up still
further during August, with foreign investment growing 25.5 percent
in the first eight months of the year, official figures said Friday.
The figure is well up on the 22 percent year-on-year rise seen
during the first seven months, the Ministry of Foreign Trade and
Economic Cooperation said.
A total of 34.44 billion dollars of investment entered China in
the eight months to August, the ministry said, with 4.9 billion
dollars in August alone.
Contracted foreign investment - commitments to spend in the future
- grew even more sharply, up 42.4 in the eight months, a notable
leap from the 34.9 percent seen during the first seven months.
Foreign investment has been growing rapidly this year as overseas
firms take advantage of gradual opening up of Chinese markets following
the country's entry to the World Trade Organisation (WTO) in December.
WTO membership has obliged China to begin dismantling many of the
regulations which excluded foreign competition.
China's Minister for Foreign Trade and Economic Cooperation Shi
Guangsheng forecast last month that China's total direct foreign
investment could reach 50 billion dollars this year, up from 46.8
billion in 2001.
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