China's February Foreign Direct Investment Plummets 25.6% Due to COVID-19

[Asia Economy Reporter Bu Aeri] In February, foreign direct investment (FDI) in China sharply declined by 25.6% compared to the same period last year, totaling 46.83 billion yuan (approximately 8.1 trillion KRW), due to the impact of the spread of the novel coronavirus (COVID-19).

Zong Changqing, Director of the Foreign Investment Department at the Ministry of Commerce of China, stated at the State Council joint epidemic prevention press conference on the 13th, "The main reason is the impact of COVID-19, combined with the Spring Festival factor."

He explained, "Personnel movement and logistics were not smooth, and companies largely suspended operations, which restricted investment activities and increased investor caution."

FDI for January to February was 133.4 billion yuan in RMB terms, down 8.6% from a year earlier. January FDI was 87.57 billion yuan, up 4%.

Regarding this, Director Zong emphasized, "China has the confidence and capability to overcome difficulties and achieve stable foreign investment attraction goals throughout this year."

This content was produced with the assistance of AI translation services.