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China FDI data indicates sharp slowdown in February

Published on Mar 18, 2014 1:16 PM

BEIJING (REUTERS) - China drew US$19.3 billion (S$24.39 billion) in foreign direct investment (FDI) in the first two months of 2014, up 10.4 per cent from a year earlier, the Commerce Ministry said on Tuesday, indicating a sharp slowdown in February due to the Lunar New Year holidays.

Ministry spokesman Shen Danyang told a media briefing that the ministry did not release data for February alone due to seasonal distortions caused by the Lunar New Year holidays, when factories, offices and shops often close for long periods.

Based on the published data, FDI in February alone was US$8.6 billion, up 4.1 per cent from a year earlier, slowing sharply from a 16.1 per cent increase in January.

FDI from the top 10 Asian economies rose 11.6 per cent in the first two months to US$16.9 billion, while investment from the United States jumped 43.3 per cent to US$711 million and investment from the European Union fell 13.8 per cent to US$1.1 billion, the ministry said.

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