China's FDI inflow rises 24.13 pct in July

Foreign Direct Investment (FDI) to China surged 24.13 percent year on year in July, data from the Ministry of Commerce showed Friday.

The robust growth, following a 20.12 percent jump seen in June, marked the fastest pace in more than two years.

China attracted 9.41 billion U.S. dollars in FDI in July and a total of 71.39 billion U.S. dollars in the first seven months, up 7.09 percent from the same period last year, the ministry said at a press conference.

The data does not cover incoming investments in banking, securities and insurance sectors.

The service sector saw a steady increase of FDI inflows in the first seven months, up 15.78 percent year on year and accounting for 49.93 percent of the total FDI inflow during the period.

FDI in China's manufacturing sector dropped 2.42 percent, taking a 41.18 percent share of the inflow, the ministry said.

Investment from the United States rose 11.44 percent to 2.18 billion U.S. dollars during the January-July period, while investment from the European Union grew 16.72 percent to 4.64 billion U.S. dollars.

Meanwhile, Chinese investment in overseas non-financial sectors rose 20 percent year on year to 50.6 billion U.S. dollars in the first seven months, the ministry said.

Friday's data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world's second-largest economy may be gradually stabilizing after a protracted slowdown.

Among the latest evidence, HSBC's preliminary reading for China's manufacturing sector showed the Purchasing Managers Index (PMI) rose to 50.1 in August, the highest level in four months.