China's FDI usage grows faster in H1: MOC

China's use of foreign direct investment (FDI) was up in the first half of 2015, indicating continuous reform and opening-up efforts.

A total of 420.52 billion yuan (around 68.41 billion U.S. dollars) in FDI was used in the first six months, a year-on-year increase of 8 percent, Vice Minister of Commerce (MOC) Wang Shouwen said on Friday.

"The growth rate expanded a lot from the 2.2-percent rate registered in the same period last year, thanks to the MOC's continued efforts in widening pilot reforms in Free Trade Areas (FTA), fewer government restrictions and active promotion of opening up in certain industries and inland areas," Wang said.

The service industry absorbed the largest amount of FDI in the first six months, accounting for 63.5 percent of the total in the country, with a year-on-year increase of 23.6 percent, Wang said.

High-end manufacturing industries such as communication equipment, pharmaceuticals, and electronic devices led in attracting FDI.

China has obvious advantages in attracting FDI, Wang said, citing the country's large market size, strong industrial support and good infrastructure.

"China will see this year's total FDI usage reach 125 billion U.S. dollars, up 4 percent more or less from the previous year," Wang forecast.

In the first half of the year, the nation's GDP posted better-than-expected year-on-year growth of 7 percent, after the government's pro-growth policies and reform measures paved way for steady improvement. Endi