China FDI inflow falls 9.2 pct in Jan on high comparison base and holiday factors

Data released by China's Ministry of Commerce on Thursday showed that foreign direct investment (FDI) into the Chinese mainland dropped 9.2 percent year on year in January 2017. The Commerce Ministry data showed FDI inflow stood at 80.1 billion yuan ($12 billion) in January month, lower than 81.42 billion yuan in December 2016.

"The drop was mainly due to high base figure in the same month of 2016," MOC spokesman Sun Jiwen said. Spring Festival holiday factors also led to the decline, Sun added.

China has pledged to further open up its economy to foreign investors after the total amount of FDI fell behind rapidly increasing outbound investment last year, which contributed to rising capital outflows.

The Chinese government has announced new policies to attract foreign manufacturers to the country amid an economic structural adjustment and global economic slowdown. National Development and Reform Commission (NDRC) released a series of policies on Wednesday, such as preferential land prices, to attract foreign direct investment (FDI) in the manufacturing sector.