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New actually utilized foreign capital received by the country was 53.3 billion yuan ($7.5 billion) last month, down 19.5% from a year earlier, according to Bloomberg calculations based on data published by the Ministry of Commerce on Thursday. That’s the worst number since February 2020, when the Covid-19 pandemic first hit.
For the first 11 months of the year, investment fell 10% on year to 1.04 trillion yuan, the ministry said in a statement.
The data adds to signs that foreign investors’ sentiment has weakened this year despite the nation reopening its borders after three years of harsh measures to curb Covid-19 outbreaks. Although some foreign business leaders have returned to the country, few firms are rushing to spend substantially more.
“The global macro backdrop — higher dollar interest rates, slowing growth momentum and elevated geopolitical uncertainty — is anything but conducive to cross-border investment, especially into emerging markets,” Bank of America economists led by Ouyang Miao wrote in a report before the data was released.
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Foreign investment in #China turns negative for first time
Money flows out of country on concerns over U.S. tensions, anti-spy laws.
Outflows of foreign direct investment in China have exceeded inflows for the first time as tensions with the U.S. over semiconductor technology and concerns about increased anti-spying activity heighten risks.
The shift was reflected in balance-of-payments data for the July-September quarter released Friday by the State Administration of Foreign Exchange.
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