MOFTEC said in a press release that China approved a total of 3,371 new overseas-invested ventures in July, up 63.09 percent compared with the same month last year. The contractual volume of FDI reached 10.363 billion US dollars, up 51.64 percent. Arrived FDI added up to 4.963 billion US dollars.

By the end of July, China had approved a total of 408,500 overseas-invested ventures, involving 799.645 billion US dollars in contractual volume. Actual FDI hit 424.765 billion US dollars.

Actual FDI in China showed strong growth in the first half of 2002. From January to June, actual FDI in China added up to 24.579billion US dollars, up 18.69 percent, the best half-yearly growth for the past 20 years.

Chinese analysts said the surge in FDI was mainly the result of China's entry into the World Trade Organization, the country's strong economic growth and adjustment to the flow of international capital.

Gao Yan, MOFTEC spokeswoman, said at a recent press conference that China would continue to improve its "soft investment environment", by reforming its approval mechanism and improving the efficiency of government institutions.

Analysts said although there was uncertainty in the world economy, FDI in China was expected to keep growing in the next few months. Some predict this year's actual FDI in China will surpass 50 billion US dollars for the first time.

(Xinhua News Agency August 14, 2002)