China has overtaken the US as the world's top destination for new foreign direct investment, according to UN figures released on Sunday. 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 $163bn (£119bn) in inflows last year, compared to $134bn attracted by the US, the United Nations Conference on Trade and Development (UNCTAD) said in its report. In 2019, the US received $251bn in new foreign direct investment while China received $140bn. While China may be number one for new foreign investment, the US still dominates when it comes to total foreign investments.
