China was the number one target for foreign direct investment last year... topping the U.S. for the first time in more than a decade.
The country′s steady growth was cited as the main reason, along with a general trend toward developing countries.
Kwon Soa reports.
China became the top destination for foreign direct investment last year,... according to the latest report by the UN Conference on Trade and Development.
This is the first time it′s topped the United States since 2003.
Foreign businesses invested over 1-hundred-27 billion U.S. dollars into China last year, a 3-billion-dollar rise from the previous year.
The U.S., on the other hand, saw investments plunge to 86 billion dollars... from over 2-hundred-30 in 2013.
That put the U.S. in third behind China and Hong Kong, followed by Singapore, Brazil and the UK.
The U.S. was the only developed country in the top five.
The UN conference′s director of investment and enterprise, James Zhan, says China′s performance is attributed to its steady economic growth.
He added there have been changes in the investment areas from manufacturing toward the service sector... and from labor-intensive fields to tech-intensive ones.
And investors are generally shifting away from developed economies to developing ones, with foreign direct investment in developing economies having doubled since the 2008 global financial crisis.
Asia alone has accounted for 15 percent of the inflow last year,... the highest amount ever.
Although Korea′s FDI inflow has been among the bottom 7 out of 8 Asian countries for six years, according to a report from last year, the foreign direct investment amount pledged to Korea reached a record high of 19 billion U.S. dollars last year,
...with most investments coming from the EU.
And on a report on foreign direct investment potential, Korea ranked fourth out of 177 countries.
Kwon Soa, Arirang News.
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