China overtook the U.S. as the world’s top destination for foreign direct investment last year, as the Covid-19 pandemic accelerates an eastward shift amid the pressures of the global economy.
New investments by overseas businesses into the U.S., which was ranked No. 1 for decades, fell 49% in 2020, according to DA figures released on Sunday, while the country efforts to spread the spread of the new crown virus and reduce economic output.
China, which has long been number 2, saw direct investments by foreign companies climb 4%, the United Nations Conference on Trade and Development said. Beijing used tight locks to largely import Covid-19 after the outbreak first appeared in downtown China, and China’s gross domestic product grew even as most major economies did. another contract last year.
2020 investment numbers confirm China ‘s move towards a long – held US – controlled global economy center – accelerating movement during the pandemic as China has established consolidation as the world’ s factory floor globalized and expanding its share of global trade.
Although China attracted more new inflows last year, the total stock of foreign investment in the U.S. is still much larger, highlighting the decades it has spent as the most attractive location for foreign businesses looking to expand sideways. outside their home markets.