Foreign direct investment (FDI) in Beijing rose 7.7 percent year-on-year in January despite a drop in the country's overall FDI amid the global economic downturn, according to the Beijing Municipal Bureau of Commerce.

The capital city's FDI reached US$700 million in January, up from the US$650 million during the same period of last year. A total of 90 overseas invested enterprises were approved in January with a total contract FDI of US$920 million, indicate figures from the city's commerce bureau.

"The post-Olympic effect and the city's huge market potential are two driving forces to the rising FDI," Zhang Jifu, director of the Beijing Investment Promotion Bureau, was quoted as saying by Beijing Business Today on Thursday.

The bureau will organize a series of small-scale, but specialized and high-end investment promotion campaigns this year in various countries and regions, including Japan, South Korea, the Untied States, Canada, Europe, Hong Kong and Singapore, Zhang said.

The city is also trying to attract investment from foreign automakers, Zhang said.

China's overall FDI fell for the fourth month in a row in January by 32.6 percent year-on-year to US$7.54 billion, according to the Ministry of Commerce.

(chinadaily.com.cn March 12, 2009)