China’s foreign direct investment grew at its fastest pace in 15 months in November after closer relationships with other countries developed during an APEC meeting in October, according to the Ministry of Commerce.
Foreign investors channeled US$10.36 billion into the country last month, up 22.2 percent from a year earlier, official figures showed — a rapid gain in pace compared with October’s 1.3 percent growth and 1.9 percent in September.
Thanks to the sharp upturn, foreign investment in the first 11 months shifted to a positive growth of 0.7 percent, reversing the contraction of 1.2 percent during the January-October period.
Shen Danyang, a ministry spokesman, said plans to revive the ancient Silk Road and construct a maritime Silk Road, highlighted at the APEC meeting, would create new growth opportunities.
During the meeting in Beijing, China sealed landmark free trade agreements with Australia and South Korea.
The ministry said investment from South Korea jumped 22.9 percent in the first 11 months. In contrast, Japan reduced investment by 39.7 percent, while the United States and the European Union saw their input fall 22.2 percent and 9.8 percent respectively.
Xue Jun, an analyst with CITIC Securities Co, said foreign direct investment may become more diversified with China’s economic restructuring and its blueprint of exploring business opportunities with new partners.