Foreign companies are giving up on the United States and betting big on China, report says

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2020 marked the first year in history that foreign direct investment in China overtook that of the US. China is now the world's largest recipient of foreign companies' investments.

Direct investment in the US by foreign companies plummeted 49% to $134 billion last year, according to a report released Sunday by the United Nations Conference on Trade and Development. By contrast, foreign direct investment in China grew by 4% to $163 billion in 2020.

After hitting a high of $440 billion in 2015, according to the US Commerce Department, foreign investment in the US has been on a sharp downward slide. Former President Donald Trump's go-it-alone trade policies hurt foreign investment -- particularly from China, which represented the sharpest drop in US investment over the past several years. Growing economic uncertainty around the globe also contributed to the decline.

China's ability to control the spread of the virus"helped stabilize investment after the early lockdown," the report noted.

 

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