October FDI accelerates 13pc to US$6.77b

PUBLISHED : Tuesday, 13 November, 2007, 12:00am
UPDATED : Friday, 28 October, 2016, 9:17am

Foreign direct investment in the mainland climbed 13.18 per cent last month to US$6.77 billion, according to the Ministry of Commerce.

The increase took the aggregated investment 11.15 per cent higher to US$53.99 billion in the first 10 months of this year, underscoring the country's growing prominence on the global economic stage.

The strong growth so far this year lightened the prospect of reversing a 4.1 per cent drop in foreign direct investment to US$69.5 billion last year from 2005 levels, economists said.

This is despite rising production costs in the export-led economy, with producers' prices inflating 3.2 per cent last month from a year earlier on the back of a 4.5 per cent increase in production costs such as raw materials, energy and labour, the statistics bureau revealed yesterday.

'China remains an attractive place to invest,' Merrill Lynch economist Lu Ting said. 'Labour costs are getting more expensive in coastal areas but still cheap in inland areas.'