FDI into Chinese mainland up 7.6% in May

[Photo/VCG]

Foreign direct investment (FDI) into the Chinese mainland rose 7.6 percent year-on-year to 58.81 billion yuan (about $9.06 billion) in May, official data showed Thursday.

The growth reversed a 1.1-percent decline registered in April, according to the Ministry of Commerce.

The number of new overseas-funded companies set up in May surged 106.5 percent last month to 5,024.

In the first five months, total FDI inflow edged up 1.3 percent to 345.59 billion yuan. New overseas companies set up in the period surged 97.6 percent to 24,026, the ministry said.

FDI into high-tech sectors, which accounted for 20.5 percent of the total, climbed 9.8 percent in the first five months, ministry spokesperson Gao Feng said at a news conference.

He added that the FDI inflow into high-tech manufacturing industry continued to see "relatively fast" growth, with year-on-year growth of 61.9 percent for the first five months.

Investment from countries involved in the Belt and Road Initiative increased 38.8 percent from a year earlier.

During the January-May period, domestic companies made a total of $47.89 in non-financial outbound direct investment, up 38.5 percent year-on-year.