In the first six months of 2002, actual foreign direct investment (FDI) in China rocketed to 24.58 billion U.S. dollars

In the first six months of 2002, actual foreign direct investment (FDI) in China rocketed to 24.58 billion U.S. dollars, setting a record growth rate of 18.69 percent year-on-year. Meanwhile, as the contract value of FDI saw a rapid growth, actual investment is expected to continue to soar in coming months. According to the latest statistics released by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), the contract value of FDI in the first half-year grew 31.47 percent to 43.99 billion U.S. dollars, with 15,155 new foreign-funded projects approved. Local analysts attributed the rigorous growth of FDI to three factors as well as social stability and improving infrastructures in China. The three factors are China's entry into the World TradeOrganization (WTO), the steady growth of the Chinese economy and the strategic readjustment of multi-national companies. In 2000, FDI in China grew only one percent, compared with an all-time high of 15.7 percent in actual investment in 2001. Actual FDI in 2001 totaled 46.9 billion U.S. dollars.