Foreign direct investment in China up fourth month

Foreign direct investment (FDI) into China rose 0. 3 percent from a year earlier to USD 9.3 billion in May, up for the fourth straight month, the Chinese Commerce Ministry said Tuesday. FDI had fallen for eight consecutive months through January 2013 amid the global economic downturn. In the January-May period, the country's FDI inflow grew 1.0 percent on the year earlier to USD 47.6 billion, according to figures released by the ministry. The European Union remained China's primary source of foreign funds during the first five months of this year, up 24.1 percent from a year earlier to USD 3.5 billion, while FDI from the US increased 22.6 percent to USD 1.6 billion, the ministry said. Meanwhile, China's non-financial overseas direct investment in the January-May period climbed 20.0 percent year-on-year to USD 34.3 billion. China's economy expanded 7.7 percent year-on-year in the first quarter, slowing from 7.9 percent growth in the final quarter of 2012.