Last year, China received more foreign investment than the US, according to the UN

The Chinese economy generated more foreign direct investment than any other country last year, dropping the United States to the top of the list.

Last year, China grossed $ 163 billion, compared to the $ 134 billion attracted by the United States, the United Nations Conference on Trade and Development wrote in a report released Sunday. In 2019, the US received $ 251 billion in revenue and China received $ 140 billion.

Overall, the report found that foreign direct investment was concentrated globally, as the Covid-19 pandemic brought large and small countries to virtual stops.

FDI fell 42% in 2020, to $ 859 billion, a 30% drop even from the depths of the financial crisis of 2009. The economic measure takes into account investments made by individuals and companies. other countries in a country, such as building a factory or opening a satellite office.

Last year, developed countries were more affected than so-called “developing” countries. Investment in the US fell by 49%, slightly below the average of 69% in developed countries.

FDI in developing countries fell by a comparatively moderate 12%. China, included in this list, experienced a small 4% increase in its entries.

According to the report, the European Union saw FDI decline by two-thirds, and the UK saw no new entry. The UK has been particularly affected by the coronavirus.

Last year, China was able to largely control coronavirus at its borders, despite being the first nation affected by the deadly disease.

Strict blockade measures, early mass tests and a large number of personal protective equipment have been credited for the relatively low death toll in the country.

Since the start of the pandemic, China has had fewer than 100,000 confirmed cases of Covid-19 and has suffered some 4,800 deaths from the disease, according to data from Johns Hopkins University.

The United States, which has a much smaller population, has had about 25 million cases and more than 400,000 deaths.

Although China surpassed the United States in the flow of foreign direct investment in 2020, the total stock of foreign investment remains much larger in the United States than in China, according to data collected by the Organization for Cooperation and Economic Development.

Other economic data has also suggested that China has borne the brunt of the pandemic more quickly than its peers. Beijing recorded 2.3% GDP growth in 2020 earlier this month and is expected to be the only major economy to record a positive annual growth rate.

The UN report comes a day before Chinese President Xi Jinping delivers a speech at a virtual meeting of the World Economic Forum. President Joe Biden is not expected to attend the event.