China says October foreign investment up

BEIJING

Foreign direct investment in China rose for a third straight month in October, the government said Monday, suggesting the country's economic recovery is drawing in more foreign money after a slowdown amid the global crisis.

Investment rose 5.7 percent in October from a year earlier to $7.1 billion, Commerce Ministry spokesman Yao Jian said at a news conference. The figure does not include stocks and other financial assets.

The government reported a 19 percent jump in foreign investment in September from a year earlier and a 7 percent rise in August. However, total investment in the first nine months of the year fell 14 percent from a year earlier to $63.8 billion.

Some foreign companies cut investments in China as the global slowdown squeezed credit and spending, but economic growth is rebounding and consumer purchases are rising.

Retail sales in October surged 16.2 percent from the same period of 2008, while factory output was up 16.1 percent.

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