China's foreign direct investment inflows rose 8 per cent in the first six months from a year earlier, a Commerce Ministry official said on Friday.

Investment into China's fast-growing services sector jumped 23 per cent in the first half of 2015 from a year earlier, accounting for more than 60 per cent of the period's total FDI, vice commerce minister Wang Shouwen told a briefing.

Mr Wang’s remarks were recorded in a transcript posted on the central government’s website.

The ministry didn’t announce the exact investment value or the monthly figures for June.

China’s outbound direct investment (ODI) soared 29.2 per cent to $56 billion (€51bn)in January-June from a year earlier, state television reported on late Thursday, citing the ministry.

FDI is an important gauge of the health of the external economy that sustains China’s vast factory sector, but is a small contributor to overall capital flows compared with exports, which were worth $2.3 trillion in 2014.

Last year, China drew a record $119.6 billion of FDI, while ODI surged 14.1 per cent to a new high of $102.9 billion.

The government has been encouraging firms to invest abroad to slow the rapid build-up of foreign exchange reserves and help domestic firms become more competitive internationally.

The full data is expected to be announced at the ministry’s regular monthly briefing on July 21st.

Reuters