BEIJING — China remains a popular destination for overseas investors, with foreign direct investment (FDI) logging a substantial increase in the first quarter of this year.

FDI into the Chinese mainland surged 39.9 percent year-on-year in actual use to 302.47 billion yuan in the first quarter, the Ministry of Commerce said on April 15.

The volume has surpassed the pre-epidemic level, rising 24.8 percent from the same period in 2019.

In US dollar terms, the first-quarter FDI inflow jumped 43.8 percent year-on-year to $44.86 billion.

The nearly 40 percent growth accelerated from a 31.5 percent expansion registered in the first two months, sustaining the previous upward momentum of China's cross-border investment.

The structure of China's foreign investment continued to improve in the first quarter. Foreign investment in the services industry came in at 237.79 billion yuan in the first quarter, up 51.5 percent from a year ago, and foreign investment in the high-tech services sector climbed 43.9 percent.

During the same period, investment from the Association of Southeast Asian Nations expanded 60 percent year-on-year, and investment from countries along the Belt and Road and the European Union respectively rose 58.2 percent and 7.5 percent.

Data also shows that 10,263 new foreign-funded enterprises were established in China in the first quarter, up 47.8 percent year-on-year.