People visit a booth of the 2023 World Intelligent Manufacturing Conference in Nanjing, capital of East China’s Jiangsu Province on December 6, 2023. The expo kicked off on the same day, with about 400 companies participating and showcasing the latest breakthroughs and high-end products in intelligent manufacturing. Photo: VCG

China's foreign direct investment (FDI) in high-tech manufacturing sector saw a 1.8 percent year-on-year increase from January to November 2023, said China's Ministry of Commerce (MOFCOM) on Thursday, remaining in expansion territory for 11 consecutive months in 2023.

FDI for the medical equipment and instrument manufacturing sector increased by 27.6 percent year-on-year, and FDI in electronic and communication equipment manufacturing sector grew by 5.5 percent year-on-year, MOFCOM said.

China high-tech industries attracted investment of 386.65 billion during the period, accounting for 37.2 percent of total FDI volume. The number of newly added foreign investment backed companies in China reached 48,078, increased by 36.2 percent year-on-year.

A State Council, the equivalent of China's cabinet, executive meeting held in September 20 emphasized that to boost industrial development quality, efficiency, and international competitiveness and stressed that China was mulling more efforts to advance new industrialization at a faster pace.

The meeting also highlighted to need to push the transformation and upgrading of traditional industries while cultivating strategic emerging industries, accelerating the development of advanced manufacturing industries, and promoting digital industrialization and industrial digitalization in a coordinated way.

Analysts said high-tech industries such as artificial intelligence, big data, biomedicine, aerospace, new materials and new energy will boost the country's structural upgrading of industries.

From January to November this year, China's general FDI crossed 1.04 trillion yuan, declining by 10 percent year-on-year, while FDI in manufacturing sector reached 294.17 billion yuan, dipping by 2.1 percent year-on-year.

The UK, France and Netherland ranked first to third among overseas investor countries, with investment year-on-year growth rates of 93.9 percent, 93.2 percent and 34.1 percent, respectively.

Global Times