BEIJING, Dec.16 (Xinhua) -- China's foreign direct investment (FDI) rose for the fourth consecutive month in November, up 31.97 percent year on year to 7.02 billion U.S. dollars, said Yao Jian, spokesman for the Ministry of Commerce, on Wednesday.
November's growth partly resulted from the low figures last year, which had brought down the comparison base. The country's FDI in November 2008 slumped 36 percent year on year, said Yao.
The government approved the establishment of 20,600 overseas-funded enterprises in the first 11 months this year, down17.44 percent from the same period last year. It approved 2,437 such enterprises in November.
The FDI actually used nationwide in the first 11 months stood at 77.89 billion U.S. dollars, down 9.86 percent from the same period of 2008, but was 2.8 percentage points lower than that in the first 10 months, said Yao.
Investment from the United States and the European Union both dropped 38 percent in November from a year earlier, but that from Association of Southeast Nations (ASEAN) nations surged almost 60 percent year on year.
The FDI in China's manufacturing sector rebounded in the first 11 months and accounted for 53 percent of total FDI actually used, showing it was a strong draw for medium and long-term foreign investment, said Yao.
He did not gave specific figures of FDI in the manufacturing sector in the January-to-November period.
Foreign investment policies would be in line with the nation's industrial policies and regional development guidelines, said Yao.
The government would roll out policies to support investment in the country's less developed central and western regions, and it would also simplify approval procedures for foreign investors, said Yao.
Chinese companies may increase overseas M&A deals in 2010
BEIJING, Dec. 16 (Xinhua) -- Chinese companies may increase overseas mergers and acquisitions (M&As) by 40 percent next year while outbound deal value may hit a record high of 30 to 35 billion U.S. dollars this year, China Daily reported Wednesday.
The newspaper said, citing Wang Xiaogang, a partner at PricewaterhouseCoopers LLP (PwC) China, that the major risk for Chinese companies in fostering overseas M&A deals is the insufficient risk analysis capabilities, particularly in financial and legal aspects. Full story
China to levy low tariffs on more than 600 commodities in 2010
BEIJING, Dec. 15 (Xinhua) -- China is to impose temporarily low import tariffs on more than 600 commodities next year, the Ministry of Finance (MOF) announced Tuesday.
The targeted commodities comprised resource commodities, including coal, granite, and phosphate ore; key components for optic communications; medical products, including plasma and vaccines; and some advanced production machines, the MOF said in a statement. Full story
China's fifth largest automaker buys Saab assets from GM
BEIJING, Dec. 15 (Xinhua) -- Beijing Automotive Industry Holdings Co. Ltd. (BAIC), China's fifth largest automaker, has agreed to take over some of the assets of General Motor's Saab arm as part of its plans to develop cars under its umbrella, China Daily reported Tuesday.
BAIC is one of the few Chinese automakers not to have its own car brand and model, and also has limited production and research and development experience in passenger cars, according to the newspaper. Full story
Chinese company purchases theatre in U.S.
BRANSON, United States, Dec. 14 (Xinhua) -- China Heaven Creation International Performing Arts Co. Ltd (CHC) Monday formally took over the ownership of the White House Theatre in Branson, Missouri, making the first ever successful purchase of an American theatre by a Chinese company.
Cao Xiaoning, CEO of the Chinese performing company, signed the documents on the 3.54 million-U.S.-dollar deal with representative of the White House Theatre at Hogan Land Title Co. in Branson. Mrs. Raeanne Presley, the Mayor of Branson, Mr. Li Dongwen, Cultural Counsellor of Chinese Ambassy, and some other officials from the City of Branson were present at the signing ceremony. Full story
China's fifth largest automaker buys Saab assets from GM
BEIJING, Dec. 15 (Xinhua) -- Beijing Automotive Industry Holdings Co. Ltd. (BAIC), China's fifth largest automaker, has agreed to take over some of the assets of General Motor's Saab arm as part of its plans to develop cars under its umbrella, China Daily reported Tuesday.
BAIC is one of the few Chinese automakers not to have its own car brand and model, and also has limited production and research and development experience in passenger cars, according to the newspaper. Full story
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