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.
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 centre of the global economy which has long been dominated by the US, the world’s biggest economy.
China, currently involved in a trade war with the US, has been predicted to leapfrog it to the number one position by 2028, according to the UK-based Centre for Economics and Business Research (CEBR).
