Chinese companies invested just US$12.3 billion in the advanced economies of Europe and North America in the first half of the year, the lowest amount since 2014 and almost a fifth less than last year, according to data compiled by law firm Baker Mckenzie. The decline has been almost entirely down to state-owned firms turning their backs on the EU and America, a research report issued by the firm on Thursday found. Private firms accounted for 94 per cent of the total spend in the first six months. China’s overseas spending, once rampant, has been curbed drastically by the introduction of strict capital controls designed to stop money leaving the country.
