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CHINA OUTPACES US IN INVESTMENT RACE

NEW YORK - For the first time ever, China attracted more foreign direct investment (FDI) than the US last year, according to a new report recently published by the United Nations.

China attracted $53 billion in FDI last year, up a full 12% from 2001, the report said, while investment into the US dropped from $144 billion in 2002 to only $30 billion in 2002 - down almost 90% from the peak in 2000.

Foreign direct investment includes purchases of and mergers with companies outside one's borders and the expansion of subsidiaries and divisions of foreign-based companies in other countries.

According to the report, global FDI fell more than 20% in 2002 from the previous year as economies around the globe, with the exception of China, grew slowly if at all, making them less attractive for investment, the report said.

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