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China Ministry of Commerce data showed that foreign
direct investment (FDI) in July fell 17 percent year-on-year.
This is the lowest monthly figure in two years.
Observers say that China ‘s political and economic
environment caused foreign investors to lose confidence.
In particular, the recent anti-monopoly probe into foreign
companies could be the main cause.
On Aug. 18, the Ministry of Commerce announced
the FDI figure at a news briefing.
Data shows that foreign investment in China stood at $7.8
billion in July, a 17 percent drop, its lowest since July 2012.
Compared with ￡14.4 billion in June, foreign investment
dropped by 45.9 percent.
Wu Qing, researcher at Institute of Finance of China ‘s State
Council Development Research Center says that China ‘s
investment space is getting smaller, and the RMB appreciation
trend has ceased, likely are the main cause of the FDI ‘s fall.
Mr. Deng, China-based economist: “Two causes
political and economic risks.
Chinese people are good at change,
to divert risks and scatter it.
Difficulties have already existed, because many problems
still remain, the hot money consistently flows in,
thus reality is consistently covered up,
many problems have been covered up.”
Observers speculate that the recent antitrust probes into
foreign companies have scared foreign investors away.
Over the past few months, China launched an anti-monopoly
investigation which probes foreign companies
including Microsoft Corp, Qualcomm Inc., Audi AG,
Daimler AG and Chrysler.
The European Chamber of Commerce in China said that
amongst companies under investigation, some Chinese
companies have put similar practices in place that violate
the country ‘s law yet they haven ‘t been investigated.
In some cases, Chinese regulators requested foreign
companies not to question the investigation,
not to attend hearings with lawyers, and
not to ask help from their native countries.
The European Chamber of Commerce in China
said these moves are intimidations.
Jason Ma, US-based economic commentator: “Foreign firms
are worried about China ‘s investment environment.
In particular, they used anti-monopoly as an excuse to give
foreign companies a hard time, and certainly
they have other reasons.
China printed a great amount of RMB, its economic growth
declined, its real estate business faces crisis, the RMB
appreciation concept is gradually disappeared, thus the hot
money flowing into China decreases.”
Mr. Deng: “There is no real anti-monopoly.
Anti-monopoly is its tactic, a method by which
the government can intervene.
This method is used to guide the economy in a good direction.
Meanwhile the focus is diverted away from internal conflicts.”
In April, when the focus was on the case of Gu Junshan,
former deputy logistics chief in the army, German drug
maker GSK and other foreign firms faced a corruption
Now, the anti-monopoly investigation into foreign firms
took place while the cases of Xu Caihou, deputy chairman of the military committee and Zhou Yongkang,
former Secretary of the Political and Legislative Affairs
Committee, was about to be announced in public.
In fact, increasingly more foreign firms
left China in recent years.
Google, Yahoo, Best Buy and Media Markt withdrew
The US cosmetic producer Revlon announced its withdrawal
of businesses in China and laid off 1,100 workers.
One of the world’s biggest cosmetic companies, France ‘s
L ‘Oreal, decided in January to pull its Garnier products in China.
Foreign companies remaining in China are struggling.
IBM says that their profits dropped 23 percent
last season in 2013.
French alcoholic beverage group Remy Cointreau
said that in the first three quarters of last year, Remy Martin sales had dropped over 30 percent.
Xinhua News Agency reported that five years ago in May,
when US businessmen faced the question of where to set up
a company next, nine out of 10 CEOs would respond
If faced with the same question now, as many as five CEOs
would answer America.
Within 10 years, about 200 American companies
have moved their factories home.