Figures from the Ministry of Commerce Wednesday showed that foreign direct investment (FDI) in China in January grew 13.62 percent year-on-year to hit US$4.08 billion, continuing the rebound that started last December.

The contractual FDI also rose 10.38 percent year-on-year to reach US$10.2 billion.

A total of 2,940 foreign-funded ventures were established in China in January, down 12.21 percent over the same period last year.

Trade experts predicted rapid growth of FDI in China in 2004, based on China's rapid economic growth and further implementation of its commitments to the World Trade Organization (WTO) and the large amount of contractual FDI last year.

FDI in China reached US$53.5 billion last year, up just1.44 percent year-on-year.

The FDI flow to China slowed from August to November last year to around US$3.5 billion per month. Analysts attributed the drop to the impact of sever acute respiratory syndrome (SARS) and stagnant global investment.

(Xinhua News Agency February 12, 2004)