The 76.6 billion yuan in actually utilized new foreign direct investment in December was almost 29 percent lower than the same period a year earlier, according to Bloomberg calculations based on data from the Ministry of Commerce. That followed a 33 percent drop in November, the largest fall in data going back to 2015.
Foreign businesses became increasingly pessimistic about the Chinese market last year as Covid Zero lockdowns and restrictions undermined the economy and made living in China or doing business and trade with the country much harder. There are some exceptions, such as Panasonic Holdings Corp. But the broader trend has been underscored by comments from the government in Tokyo, which has encouraged companies to reduce their dependence on China—a significant development, given that Japan is the largest single investor in China after Hong Kong, with a stock of $123 billion invested in the country at the end of 2021, according to Chinese data.
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