New investments into America from overseas companies fell by almost half last year, leading to the loss of its number one status.
In contrast, UN figures show direct investment into Chinese firms climbed 4%, putting it number one globally. The top ranking shows China’s growing influence on the world economic stage.
China had 163 billion dollars in inflows last year, compared to 134 billion dollars attracted by the US, the United Nations Conference on Trade and Development said in its report.
In 2019, the US received 251 billion dollars in new foreign direct investment while China received 140 billion dollars.
While China may be number one for new foreign investment, the US still dominates when it comes to total foreign investments. This reflects the decades it has spent as the most attractive location for foreign businesses looking to expand overseas.
But experts say the figures underline China’s move toward the center of the global economy.