Coronavirus drags China's FDI down 8.6% in Jan-Feb

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Business News

Mar 13, 2020

7:45PM

Coronavirus drags China's FDI down 8.6% in Jan-Feb

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Foreign direct investment into China fell 8.6 percent in the first two months of 2020 amid combined impacts of coronavirus and the extended Chinese New Year holidays, a commerce official said today, warning a grim scenario for the rest of the year.

Zong Changqing, director of the foreign investment department under the Ministry of Commerce said FDI totalled 134.4 billion yuan, about USD 19.2 billion for January and February,

A breakdown of the data showed FDI inflows climbed 4 percent year on year in January but plunged 25.6 percent in February, Zong told a press conference.

Zong warned about a complex and grim FDI situation for the whole year, citing factors such as "a shrinking global FDI cake" and increasing downward pressure on the world economy.

But, he added that the epidemic will not change the attraction of China's large and booming market for foreign investment according to state-run news agency Xinhua.