Foreign direct investment (FDI) into China grew 11.3 percent in the first quarter of 2015 compared to the prior year quarter, figures from the Chinese Ministry of Commerce show.

The ministry announced on Thursday that FDI rose 2.2 percent year-on-year to US$12.4 billion in March, bringing the first quarter’s FDI to US$34.88 billion. In the first three months of 2014 inward FDI grew by only 1.7 percent year-on-year.

FDI in services in the first quarter of 2015 rose 24.1 percent to US$21.59 billion, accounting for 61.9 percent of the total FDI in the period. FDI in manufacturing fell 3.6 percent year-on-year to US$11.22 billion.

“Overseas businesses in general are upbeat about the development potential in China,” Shen Danyang, spokesperson of the ministry, said.

Meanwhile, China’s outbound direct investment jumped 29.6 percent year-on-year to US$25.79 billion in the January-March period.