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China to attract $63.81 bln in FDI in 2007

China expects to attract about $63.81 bln in actual foreign direct investment (FDI) in 2007, the local Beijing News reported on Wednesday.

The paper cited a report by the Chinese Academy of Social Sciences (CASS), a top government think-tank, as forecasting the figure would represent annual growth of about 4% compared with 2006, which would mean FDI of about $61.36 billion last year. The official China Securities Journal quoted the Ministry of Commerce as saying that China was expected to attract $60.3 billion in FDI in 2006, unchanged from 2005. State television has said the country would draw more than $72.4 billion in FDI in 2006, without giving any source. The Beijing News also cited the CASS report as saying China needed to restrict the inflow of speculative foreign capital and draft rules concerning foreign mergers and acquisitions in the world's fourth-largest economy. The commerce ministry said China's FDI in the first 11 months of 2006 stood at $54.26 billion, up 2.14% from a year earlier. That figure does not include foreign direct investments in the financial sector. (Reuters)