FDI Photo: CFP

China's foreign direct investment (FDI) in the first four months of 2023 reached 499.46 billion yuan ($71.34 billion), up 2.2 percent year-on-year, data from China's Ministry of Commerce (MOFCOM) showed on Wednesday, indicating that the world's second-largest economy remains a popular destination for global investors.

FDI in the manufacturing sector hit 130.05 billion yuan, up by 4.1 percent. The actual use of foreign investment in high-tech industries grew by 12.8 percent. Growth was 37.1 percent in the high-tech manufacturing segment and 6 percent in high-tech services.

FDI from France surged by 567.3 percent, and there was a 323.7 percent increase from the UK. Investment from Japan increased by 68.1 percent and that from South Korea rose by 30.7 percent.

Since the beginning of this year, China has maintained its growth momentum in attracting foreign investment and accelerated major foreign investment projects starting in the second quarter.

US carmaker Tesla announced on April 9 that it will build a new megafactory in Shanghai, which will be dedicated to manufacturing the company's energy-storage product Megapack. 

Airbus, the European aircraft manufacturer, on April 26 set up an aircraft lifecycle service center in Chengdu, Southwest China's Sichuan Province.

In terms of the implementation of major foreign investment projects, the first six batches of major foreign investment projects are planned to attract a total of $170 billion. As of end-April, more than $63 billion had been invested, Securities Times reported.

China has rolled out multiple measures to open up wider to the world. Among the fresh moves, China will appropriately shorten the negative list for foreign investment, as part of efforts to promote high-level opening-up, Meng Wei, a spokesperson of the National Development and Reform Commission, said at a press conference in April.

Special working mechanisms for major foreign investment projects will be further exploited, while development zones will be better leveraged to attract overseas investors, Meng said, adding that better services will be provided.

Global Times