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FDI in Beijing grows despite crisis

By Lu Haoting (chinadaily.com.cn)
Updated: 2009-03-12 13:39

Foreign direct investment (FDI) in Beijing rose 7.7 percent year-on-year in January despite a drop in the country's overall FDI amid the global economic downturn, according to the Beijing Municipal Bureau of Commerce.

Related readings:  NDRC: FDI to hit $92.4 billion  Enduring slump in FDI flows beckons changes  China applies green index to foreign investment  FDI down but not out

The capital city's FDI reached $700 million in January, up from the $650 million during the same period of last year. A total of 90 overseas invested enterprises were approved in January with a total contract FDI of $920 million, indicate figures from the city's commerce bureau.

"The post-Olympic effect and the city's huge market potential are two driving forces to the rising FDI," Zhang Jifu, director of the Beijing Investment Promotion Bureau, was quoted as saying by Beijing Business Today on Thursday.

The bureau will organize a series of small-scale, but specialized and high-end investment promotion campaigns this year in various countries and regions, including Japan, South Korea, the Untied States, Canada, Europe, Hong Kong and Singapore, Zhang said.

The city is also trying to attract investment from foreign automakers, Zhang said.

China's overall FDI fell for the fourth month in a row in January by 32.6 percent year-on-year to $7.54 billion, according to the Ministry of Commerce.