FDI in China picks up pace in first 7 months
Despite strict government controls designed to curb excessive business spending, foreign direct investment (FDI) in China increased its pace in the first seven months of 2004. The amount of FDI in China increased 15.14% from the same seven month period of 2003 to $38.4 billion, the Chinese Ministry of Commerce (MOFCOM) announced. Therefore, despite the government measures to control investments, these results indicate that FDI remains on schedule to surpass the $53.5 billion foreign direct investment into China in 2003. The Economic Research Institute of the State Development and Reform Commission, last month forecasted that FDI ın 2004 would reach $60 billion. In 2003, China passed the US to become the recipient of the most foreign direct investment.