MOC denies anti-monopoly probes caused July FDI drop  

(ECNS) -- The Chinese Ministry of Commerce (MOC) has denied that the drop in foreign direct investment (FDI) during July was caused by recent anti-monopoly investigations, according to Xinhuanet on Monday.

FDI into the Chinese mainland slumped 16.95 percent from July a year earlier, to $7.81 billion, the MOC revealed. Besides, in the first seven months, FDI stood at $71.14 billion, down 0.35 percent from the same period last year.

MOC spokesman Shen Danyang said that short-term fluctuations in FDI figures were normal, with China speeding up economic restructuring. "Such fluctuations are not the results of anti-monopoly probes, or evidence of changing trends," he commented.

Shen added that official investigations into foreign-funded companies occurred by the book. "We understand some company and institutional complaints about it, but still believe investigations won't scare them away and that most companies would continue doing business in China."

China has conducted intensive anti-monopoly probes, especially into the vehicle industry, during the last month. A number of foreign carmakers have cut auto-part prices in response, though some, including BMW and Audi dealers, still got fined.