Photo: iStock
In China as in the rest of the world, the drivers of inflation are complex. Photo: iStock

For the first ten months of this year, China attracted and utilized 701.16 billion yuan (US$101.04 billion) in foreign investment, a rise of 3.3% from a year earlier, The Paper reported, citing data released by the Ministry of Commerce.

In October, there were 3,623 firms newly set up by foreign investors, an increase of 37.6% year-on-year. While from January to October, there were 49,545 new foreign firms, rising 89.3% year on year.

Gao Feng, spokesman for the ministry, said foreign investment in the high-tech industries, especially in high-tech manufacturing, continued to grow.

Regarding electronics and communication equipment manufacturing, medical equipment manufacturing, computer and office equipment manufacturing, the latter sectors increased by 34.3%, 153.4% and 130.1% from a year earlier, respectively.

The UK was among the top sources of foreign investment, which saw staggering year-on-year growth of 175.9%. Investment from South Korea, Japan, the United States, Germany and France increased 36%, 24%, 4.1%, 31.2% and 19.3%, respectively.

The investment from Belt and Road countries, ASEAN and EU, increased by 11.9%, 13% and 15.3% respectively.

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