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FDI declines for first time in four years

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Inbound foreign direct investment on the mainland fell in 2009 for the first time in four years as foreign companies tightened their belts owing to the global financial crisis.

The country attracted US$90 billion from foreign firms investing in its factories and other assets last year, 2.6 per cent less than in 2008, the Commerce Ministry said yesterday.

However, last month, the mainland drew US$12.1 billion in foreign investment, up 103 per cent from a year earlier, ministry spokesman Yao Jian told a news conference.

December has often reflected rises in inbound foreign investment for accounting reasons, although it was the fifth consecutive month of year-on-year growth.

China attracted a record US$92.4 billion in foreign investment in 2008, an increase of 23.6 per cent on 2007.

The country has been the main destination of overseas investment, which surged after it joined the World Trade Organisation in 2001.

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