Foreign direct investment (FDI) in China soared by 48.15 percent year-on-year to US$23.271 billion in the first five months this year, according to the latest statistics from the Ministry of Commerce (MOC).

MOC figures show that contractual FDI for the period hit US$38.223 billion, up 42.22 percent year-on-year.

China approved the registration of 15,175 foreign and overseas-financed enterprises in the first five months, up 29.02 percent year-on-year. Of these, 2,977 were approved in May, up 11.41 percent.

In May, contractual FDI in China increased by 17.62 percent to US$7.695 billion, and actually used FDI climbed by 39.47 percent to US$5.449 billion, MOC figures show.

A total of 439,371 foreign and overseas-financed enterprises have been set up since China adopted its policy of reform and opening-up over 20 years ago.

Aggregate contractual FDI of US$866.283 billion and US$471.237 billion FDI have been actually used, MOC figures show.

(Xinhua News Agency June 13, 2003)