China gets USD 37 billion FDI in Q1

China received USD 37 billion worth of foreign direct investment in the first quarter of this year, registering a 0.5 per cent growth with investments from 14,340 overseas firms.

FDI inflow edged up 0.4 per cent year-on-year in March to 88.14 billion yuan (USD 14.03 billion), Gao Feng, spokesperson with the ministry of commerce, said at a press conference.

In the first quarter, total FDI inflow rose 0.5 per cent to 227.54 billion yuan (USD 37 billion).

China received USD 122 billion FDI in the first 11 months of the year.

The number of new overseas-funded companies established in the first three months surged 124.7 per cent from a year earlier to 14,340, Gao said.

Investment into high-tech sectors rose 12.8 per cent and accounted for 19.3 per cent of the total FDI, data showed.

The high-tech manufacturing sector continued to see "relatively fast" investment growth, as it attracted 22.5 billion yuan in overseas investment, up 66 per cent.

Central China saw an FDI increase of 46.7 per cent, while western China used 23.4 per cent more investment compared to the same period last year.

Investment from countries along the Belt and Road increased 76 per cent in the first quarter, Gao said.

Earlier this week, Chinese leaders unveiled new measures for expanding reform and opening up, including broadening market access, creating a more attractive investment environment, strengthening protection of intellectual property rights and expanding imports.

Gao said the new pledges showed China's "resolution and confidence to push forward the new round of high-level opening up".

The ministry is working with other departments to draft a series of policies, including those on improving the negative list on foreign investment, expanding opening up and optimising the investment environment, Gao said.

"In the first half, we will work to complete the revision of the negative list on foreign investment," he said.