China's FDI up 5.8% in 2019, high-tech industry biggest beneficiary

China attracted 941.5 billion yuan (136.7 billion U.S. dollars) in foreign direct investment in 2019, up 5.8 percent from a year earlier, the Ministry of Commerce said on Tuesday.

A total of 40,000 new foreign companies were registered in the country last year.

Workers carry building materials for a new Tesla showroom in Guangzhou, Guangdong Province, south China, October 25, 2019. /Reuters Photo

"It took less than one year for Tesla to build a factory with production in Shanghai," said Qian Keming, vice commerce minister. "It exemplifies the 'speed of China.'"

Foreign investment in high-tech industry grew 25.6 percent last year to 266 billion yuan, accounting for 28.3 percent of the whole foreign investment.

Some developed economies sped up their investment plans. Investment from Singapore, the Netherlands and South Korea increased 51.1 percent, 43.1 percent and 21.7 respectively, said Qian.

Free trade zones are increasingly attracting investment. "There are 6,242 foreign companies in 18 free trade zones, and 143.6 billion yuan were in use," said Qian.