China top for FDI in 2003

In line with similar findings by the Organziation for Economic Cooperation and Development (OECD), the United Nations said China had overtaken the United States as the world's number one foreign investment destination in 2003. The report from the UN Conference on Trade and Development (UNCTAD) said China attracted FDI worth US$53.5 billion, compared with US$52.7 billion in 2002. Investment in the US meanwhile plunged by 53% in 2003 to US$30 billion, the lowest level in 12 years, although the US itself remained the largest overseas investor. UNCTAD said China's strong manufacturing industry was the main attraction, although investment in services was also gaining ground. It forecast that FDI to China in 2004 would surpass US$60 billion.