FDI inflow grew 17.4 percent YoY to CNY723.3 billion (USD107 billion) in H1
The Chinese government noted that its economic growth target of 5.5 percent is not a hard target, but rather a guide.
Xinhua reported that foreign direct investment (FDI) into the world’s second-largest economy recorded double-digit growth in H1 2022, indicating that the country is still very much attractive to global investors.
FDI inflow grew 17.4 percent YoY to CNY723.3 billion (USD107 billion) in H1.
High-tech industries grew at a rate of 33.6 percent during the same period, with FDI in manufacturing going up by 31.1 percent and the service segment increasing by 34.4 percent.
The service industry collected CNY537.1 billion (USD79.4 billion) in FDI, up from last year’s 9.2 percent.
Bai Ming, deputy director of the international market research department at the Chinese Academy of International Trade and Economic Cooperation in Beijing, noted that China’s ability to attract global capital would not be hindered by the short-term disruptions brought about by the Omicron variant of COVID-19 virus, as reported by China Daily.
According to Zhang Yongjun, a researcher at the Beijing-based China Center for International Economic Exchanges, China will see a steady flow of foreign direct investment this year due to its ability to maintain consumer prices and facilitate global supply chain operations.
According to Bloomberg, the 5.5 percent target was set in March, right before the major cities went on lockdown due to a spike in COVID infections. Since then, economists have warned that this year’s target will be unattainable, and that growth will come in at four percent at the most.
President Xi Jinping mentioned in June that authorities did not want to compromise the health and lives of people by trying to reach the GDP target, and vowed to pursue the COVID Zero policy.
Premier Li Keqiang allowed for flexibility on the growth target in July and added that the most important thing is to keep prices and employment stable.
The Property Report editors wrote this article. For more information, email: [email protected].
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