China attracts $91.7 billion in foreign direct investment
Baku, December 15 (AZERTAC). China is on course to attract a record $US100 billion ($A101 billion) in foreign direct investment this year, the commerce ministry said, evidence that it remains a top destination for global firms despite concerns about market barriers and rising labour costs.
China attracted $US91.7 billion in foreign direct investment (FDI) in the first 11 months of 2010, nearly 18 per cent more than in the same period of 2009, the ministry said.
Along with the general attraction of investing in the fast-growing Chinese economy, spokesman Yao Jian said the service industry had emerged as one focal point for foreign investors.
"The service industry has become the major driving force of the growth in foreign direct investment, which also chimes with the government`s goal of adjusting the economic structure," Mr Yao told the regular monthly briefing, referring to Beijing`s goal of boosting domestic consumption and relying less heavily on exports.
Top US and Chinese officials are holding high-level trade talks in Washington on issues ranging from intellectual property rights to investment restrictions and barriers to markets.
Major global firms like General Electric have expressed concerns that Beijing`s "indigenous innovation" policies could hinder its ability to compete in China.
But Mr Yao gave an optimistic outlook for the world`s second-largest economy.
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