Foreign direct investment (FDI) in China in 2006 totaled US$63 billion, an annual growth rate of 5 percent, the Chinese Trade Minister, Bo Xilai said Monday in Beijing.

During a national conference on trade, the minister said that the figures for the whole of the previous year had bucked the downward trend apparent in the first half.

Deputy Prime Minister Wu Yi said recently that although China had been the developing country that received most FDI in the last 15 years there was still much to do to improve both its quality and quantity.

China plans to channel more foreign investment to research and development centers, high-tech industries and projects for energy and environmental conservation.

The minister of trade also said that Chinese companies had invested abroad and in 2006 had channelled US$16.1 billion to foreign markets, an annual growth rate of 32 percent.

The fact is that many foreign companies settle in the asian giant in the search of a cheaper workforce.

 

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