UPDATE 1-China Jan FDI falls 32.6 pct to $7.54 billion

(Adds total financial FDI figures for 2008 in paragraphs 3/4)

BEIJING, Feb 16 - China drew $7.54 billion in foreign direct investment (FDI) in January, 32.6 percent less than a year earlier, the Commerce Ministry said on Monday.

China attracted a record $92.4 billion in non-financial FDI in 2008, an increase of 23.6 percent from 2007.

In addition, China drew $15.9 billion in financial FDI last year, an increase of 68.4 percent, as Beijing approved the establishment of 23 financial institutions, spokesman Yao Jian told a news conference at which the figures were released.

The combined 2008 total of financial and non-financial FDI inflows, $108.3 billion, was up 29.7 percent from the year before.

Inflows have surged since China joined the World Trade Organisation in 2001, although economists expect the pace to slacken this year as companies scale back investment plans due the global economic slump.

China's foreign direct investment~ (in $ billion): _2009_ _______________________2008__________________________ Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 7.54 6.0 5.3 6.7 6.6 7.0 8.3 9.6 7.8 7.6 9.3 6.9

~ FDI excluding investments in the financial sector. Some of the monthly figures are calculated based on cumulative data.