Foreign direct investment (FDI) into China from January to May 2024 reached 412.51 billion yuan ($56.81 billion), with the number of newly established foreign-backed companies reaching 21,764, up 17.4 percent year-on-year, China’s Ministry of Commerce (MOFCOM) announced.

The FDI in the manufacturing sector hit 117.11 billion yuan, accounting for 28.4 percent of the national total, and 2.8 percentage points higher than last year’s level. FDI in the high-tech manufacturing sector reached 50.41 billion yuan, accounting for 12.2 percent of the total, and up 2.7 percentage points compared to the same period last year. This shows the nation’s structure for foreign investment is continuing to improve, said MOFCOM.

Notably, FDI in smart devices manufacturing saw a 332.9 percent year-on-year jump, and the professional technical services industry recorded a 103.1 percent year-on-year increase.

FDI inflows from Germany saw a 24.2 percent year-on-year increase during the period, and FDI from Singapore increased 16.2 percent year-on-year.

MOFCOM also said that the latest surveys from the American Chamber of Commerce in China, the European Union Chamber of Commerce in China, and the Japanese Chamber of Commerce and Industry in China show that more than three-quarters of American, European, and Japanese companies plan to continue their operations in China.

Data from the National Bureau of Statistics (NBS) showed that large foreign-backed industrial enterprises saw an average revenue increase of 16.7 percent year-on-year, higher than the national average of 4.3 percent.

In the first five months of 2024, China’s consumer goods retail sales reached 19.52 trillion yuan, up 4.1 percent year-on-year, according to the NBS.

China’s State Council, the cabinet, in March 2024 announced a 24-point action plant to enhance the appeal and effective utilization of foreign investment, as part of the country’s efforts to harness and share its huge market potential.

With the implementation of a series of policies and measures, China’s investment environment will be further improved, said a MOFCOM official, noting that foreign investors can support China’s economic growth momentum.