R&I ~ MJM
New York (CNN Business)Foreign companies are turning their backs on the United States, taking advantage of China’s booming economy and superior management of the Covid-19 pandemic.
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.
2020 marked the first year in history that foreign direct investment in China overtook that of the US, according to the UN. China is now the world’s largest recipient of foreign companies’ investments.
Although Covid-19 was a large factor in foreign direct investment tumbling in the US — and most places around the world — the drop-off in foreign companies’ American investments
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Article URL : https://www.cnn.com/2021/01/24/investing/us-china-foreign-direct-investment/index.html