[advertise]广告[/advertise]FOREIGN direct investment in China climbed at the fastest pace in 16 months in November, aiding the recovery in the world’s third-largest economy. Investment rose 32 percent from a year earlier to US$7.02 billion, the Ministry of Commerce said at a briefing in Beijing yesterday. That compared with a 5.7 percent increase in October. Investment fell 9.9 percent in the first 11 months of the year, the government said. China’s economy grew at the fastest pace in a year in the third quarter and the expansion will be 9.3 percent in 2010, according to the median forecast of a Bloomberg News survey of analysts. Fast-growing developing nations will lure funds away from advanced economies for the next 10 to 20 years, according to Thomas Deng, head of China strategy at Goldman Sachs Group Inc. in Hong Kong. “China’s recovery, and especially the expanding consumer market, will continue to attract foreign investors,” said Xing Ziqiang, an economist at China International Capital Corp. in Beijing. “The Chinese market may be the brightest spot for growth for many multinational companies this year.” Luxury carmaker Bayerische Motoren Werke AG said last month that it will build a new factory worth 5 billion yuan (US$732 million) in China to tap an auto market set to overtake the United States as the world’s largest. Foreign direct investment will grow steadily in the next few months and may stay within the US$7 billion to US$8 billion monthly range attracted since August, the ministry said. “China’s long-term growth potential is bringing foreign capital into the country at an accelerating pace in the second half,” said Dariusz Kowalczyk, chief investment strategist at SJS Markets Ltd. in Hong Kong. Inflows of foreign direct investment have climbed for four months and that bodes well for private investment in a country that this year has garnered most of its growth from government-linked investment, said Kowalczyk. “It’s important for policymakers to see that the private sector can pick up the baton at some point,” he said. “The fact that the foreign private sector is recovering and investing quite a lot is definitely positive.” China’s industrial output grew more than economists estimated last month and exports fell the least in 13 months, confirming the nation’s role as the leader of the world recovery. In China, gross domestic product will expand 10.5 percent this quarter, helping the government to top its 8 percent target for the year, according to the median estimate of 38 economists. Source:Shenzhen Daily