Thanks To COVID-19, China Is Now The World Leader For Foreign Direct Investment

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China is now the world's "top destination" for foreign direct investment ("FDI"). FDI captures things like foreign companies building infrastructure and making acquisitions of local companies.

The shift came as a result of - wait for it - the Covid-19 pandemic amplifying "an eastward shift in the center of gravity of the global economy", according to the Wall Street Journal.

New investments by overseas businesses into the U.S. fell 49% in 2020 as a result of the pandemic. China saw its direct investments rise 4% over the same period of time. The success is being attributed to how the country (supposedly) handled the pandemic better than the U.S.

The numbers, heavily influenced by the global pandemic, "underline China’s move toward the center of a global economy long dominated by the U.S.," the WSJ wrote.