China Steals Show For FDI In Asia

New Delhi, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
China, Hong Kong and Singapore accounted for more than three quarters of the total foreign direct investment (FDI) inflow to developing Asia in 2002, the World Trade Organisations Intern-ational Trade Statistics 2003 report has said.

According to the report released on Wednesday, if China was excluded from the total, there was a decline in FDI inflows to Asian developing countries in 2002 compared to the previous year.

During 2002, economic growth in Asia was limited to only 1.5 per cent, unchanged from the preceding year and only half the average rate recorded in the 1990s.

Despite the recovery in its merchandise trade export growth at 8 per cent and import growth at 6 per cent, the recovery in Asia remained incomplete as the respective trade values remained below their 2000 peak levels, the report said.

The recovery in commercial services trade was weaker than that of merchandise trade. Commercial service exports rose faster than imports. For both exports and imports, transportation was the least dynamic component of services trade while travel and other commercial services expanded faster than the average rates.

According to the report, India, China and the Philippines recorded above-average growth in their commercial services exports and merchandise trade. However, in commercial services imports, only China recorded double-digit growth while that of India and the Philippines decreased.