China’s FDI Rose Strongly In July

China’s foreign direct investment inflows hit US$71.4 billion in the first seven months of 2013, up 7.1 percent from the same period last year, according to the Commerce Ministry.

In July, foreign direct investment rose strongly by 24.1% year-on-year, the highest pace in 28 months. The number compares with a 20.1% hike in June.

The strong growth was mainly in the service sector, which increased 15.8% year-to-date. Foreign direct investment inflows to the manufacturing sector has declined by 2.4%.

In a report, Nomura says the strong performance in July is mainly driven by investment in the property sector.

According to the National Bureau of Statistics, foreign funding for property development rose 18.0% to RMB26.9 billion in July. That compares with a 15.9% growth in June.