On July 11, 2007, the Ministry of Commerce (MOFCOM) announced China’s foreign direct investment (FDI) statistics for January through June 2008. According to the statistics, in the first half of 2008 actual utilized FDI totaled USD 52.4 billion, a year-on-year (YoY) increase of 45.6%. The number of newly established foreign-invested enterprises (FIEs) was down 22.2% YoY to 14,544. Separately, on July 10, 2008, the General Administration of Customs (GAC) announced that China’s trade surplus fell by USD 13.21 billion, a YoY decrease of 11.8% for January to June 2008. Observers have expressed concern that “hot” money disguised as FDI is flooding into China to seek higher interest rates and take advantage of China’s appreciating currency to reap quick profits.