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China takes new foreign investment top spot from US

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 four percent putting it number one globally.

The top ranking shows China’s growing influence on the world economic stage.

In its report, the United Nations Conference on Trade and Development said China had one hundred and sixty three billion dollars in inflows last year, compared to one hundred and thirty four billion dollars attracted by the US.

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.

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