Foreign direct investment in China slows further

2011-10-19 17:23:57

Foreign direct investment growth in China slowed further in September, the commerce ministry said Wednesday as it warned global trade faced a "severe situation" due to the West's economic woes.

Foreign direct investment rose 7.88 per cent year on year last month to US$9.05 billion, the ministry said in a statement, compared with growth of 11.1 per cent in August and 19.83 per cent in July.

For the first nine months, China took a total of US$86.68 billion in foreign direct investment, up 16.6 per cent from the same period last year.

That compares with growth of 17.7 per cent in the January to August period.

The commerce ministry said investment from "major Asian economies" continued to expand last month, while European investment fell.

The pace of decline in US investment slowed last month, it said.

Commerce ministry spokesman Shen Danyang told reporters foreign trade would face a "quite severe" situation in the next two quarters, as the debt crisis in eurozone economies deepened and the United States struggled to grow.