New data from China’s Ministry of Commerce (MOFCOM) shows that foreign direct investment (FDI) in China accounted for 9.2 percent of total global FDI in 2019, nearly 3 percent higher than in 2015.
MOFCOM said that China absorbed US$549.6 billion FDI from 2016 to 2019 with an average annual growth of 1 percent. The ministry predicted that China will have attracted a total of US$690 billion FDI during the 13th Five-Year Plan (2015-2020), some US$10 billion more than that between 2011 and 2015.
MOFCOM’s data also indicates an optimized structure of foreign investment in China. Service industry FDI increased to 73.1 percent of the total, 3.3 percent higher than in 2015, and FDI in high-tech industries increased to 27.7 percent, more than double that of 2015.
Zong Changqing, director of MOFCOM's Foreign Investment Administration, said at a press conference on November 5 that foreign enterprises have played an “irreplaceable role” in the Chinese economy by contributing one-sixth of tax revenue and providing one-tenth of urban employment. He pledged that China will continue to cut the negative list for foreign investors and improve intellectual property rights protection.
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