Foreign direct investment in China reached an all-time high in 2018, reflecting overseas investors’ growing confidence in China, according to the Ministry of Commerce.

China received 885.61 billion yuan ($131 billion) of foreign investment in its non-financial sectors last year, up 0.9% from the previous year, the Commerce Ministry said Monday. A total of 60,533 foreign-funded enterprises were established last year, up 69.8% year-on-year.

In December alone, foreign direct investment in China grew nearly 25% year-on-year to total 92.3 billion yuan, the ministry said.

Foreign investments in China’s manufacturing sector, and business in central and western regions are growing at a faster pace, led by investors from Singapore, Japan, South Korea, Britain and Germany, the ministry said. Large-scale projects ― those with $50 million of investment or more ― rose 23% year-on-year.