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China FDI, exports hurt by global financial crisis

(Agencies)
Updated: 2008-10-20 17:32

The global financial crisis will hit foreign direct investment (FDI) into China as well as the nation's exports, National Bureau of Statistics spokesman Li Xiaochao said.

But he added that China could avoid much of the fallout from the slowing world economy, as it has accumulated "quite some wealth" in recent decades and has laid a solid foundation for future growth.

He also said the government has ample room to adjust fiscal and monetary policy though it needs to stimulate domestic demand.

China attracted a total of $74.4 billion in foreign direct investment in the nine months to September, but Li warned that investment inflows could slow.

"The global economic slowdown will have a negative effect on China's FDI inflow," Li said during a nationally televised press conference.

"We must monitor the effects on confidence among investors and consumers. The international financial crisis has dampened investor and consumer confidence in major economies, and China has been no exception," he said.

Exports -- a key driver of China's economic growth -- have also been hit, with growth in the nine months to September down 4.8 percentage points from the same period last year.

"The global financial crisis and subsequent slowdown has and will continue to have a negative impact," Li said.

But he added that China can continue to improve its export mix and take advantage of rising demand from developing countries and regions, particularly Africa.