A view of the city skyline, ahead of the annual National People's Congress , in Shanghai, China Feb 24, 2022.SHANGHAI — China recorded its first-ever quarterly deficit in foreign direct investment , according to balance of payments data, underscoring Beijing's challenge in wooing overseas companies in the wake of a "de-risking" move by Western governments.
Direct investment liabilities — a measure of FDI — were a deficit of US$11.8 billion during the July-September period, according to preliminary data of China's balance of payments released late on Friday. As a result, China's basic balance — which encompasses current account and direct investment balances and are more stable than volatile portfolio investments — recorded a deficit of US$3.2 billion, the second quarterly shortfall on record.
Xie expects China's central bank to continue counter-cyclical interventions — including a strong bias in daily yuan fixings and managing yuan liquidity in the offshore market- to support the currency in the face of these headwinds.
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