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China foreign direct investment up 7.6% in May

Foreign direct investment into China rose 7.6% year over year to 58.81 billion yuan in May, China Daily reported June 14, citing Ministry of Commerce data.

The growth in May reversed a 1.1% decline in April, ministry data showed.

In the first five months of the year, total FDI increased 1.3% to 345.59 billion yuan. Investment in high-tech sectors, which accounted for 20.5% of the total, increased 9.8% in the first five months, ministry spokesperson Gao Feng said, China Daily reported.

Gao said FDI in the high-tech manufacturing industry posted "relatively fast" growth, with year-over-year growth of 61.9% in the first five months of 2018.

As of June 14, US$1 was equivalent to 6.40 Chinese yuan.