Tourists visit the Bund during the Lunar New Year holiday in east China's Shanghai, Feb. 16, 2021. Photo:VCG

China, which achieved a V-shaped economic recovery last year, attracted 176.76 billion yuan ($27.18 billion) in foreign investments in January-February, up 31.5 percent year-on-year, the commerce ministry said on Friday.

By source of the investments, those from the European Union increased 31.5 percent, the Association of Southeast Asian Nations (ASEAN) 28.1 percent and countries along the Belt and Road Initiative 26.2 percent.

"The growth shows confidence by global investors in China's economy, as the country takes the lead in recovering from the coronavirus bite worldwide," Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, a think tank under the Ministry of Commerce, told the Global Times on Friday.

In addition, the coronavirus outbreak in China halted business activities at the beginning of last year, resulting in a low base, Bai added.

Thanks to the improving business climate in China, investments in its service industry contributed 141.74 billion yuan, accounting for 80.2 percent of the total investments and growing by 48.7 percent, the Ministry of Commerce said.

Bai pointed out China's advantages in the service sector are improving day by day in the post-COVID era, giving credit to its efforts in expanding market access and improving the business environment.

"China's tourism sector will also see robust recovery this year," he predicted.

The investments exclude the financial sector, like banks, securities and insurance.