Core Viewpoint - The article discusses the recent trends in China's cross-border direct investment, highlighting a shift from net outflows to net inflows in foreign direct investment, despite ongoing external pressures such as tariffs and trade protectionism [1][2]. Group 1: Investment Trends - In the first three quarters of 2023, China's net outflow of outward direct investment decreased year-on-year, while foreign direct investment shifted from net outflow to net inflow [1][2]. - The cross-border direct investment still shows a deficit, but the deficit amount has halved compared to the previous year, indicating an improvement in capital flow under direct investment [1][2]. - From 2021 to 2024, China's cross-border direct investment transitioned from a surplus to a deficit, with the deficit increasing by $319 billion [9]. Group 2: Factors Influencing Investment - The significant reduction in foreign direct investment inflows is attributed to a sharp decline in equity investment inflows and a reversal in inter-company debt flows [11][12]. - Equity investment inflows dropped from $300.6 billion to $72.8 billion between 2021 and 2024, contributing to 70% of the total decline in foreign direct investment inflows [11]. - The net outflow of equity investment remained stable, with a slight increase from $152.4 billion to $130 billion, indicating that the primary reason for the decrease in outward direct investment was the reduction in inter-company debt outflows [26]. Group 3: Government Response and Economic Outlook - The Chinese government has implemented measures to mitigate external shocks, including deepening reforms and expanding high-level opening-up policies [18][19]. - In response to external pressures, the government has introduced a foreign investment stabilization plan, focusing on easing foreign investment access and optimizing the business environment [19]. - The first three quarters of 2023 saw a 50.8% reduction in the cross-border direct investment deficit, primarily due to increased foreign direct investment inflows and decreased outward direct investment outflows [22].

直接投资属于长期的、稳定的跨境资本流动，我国渐进式的对外开放就是从鼓励外国直接投资起步的。 只是进入新世纪后，逐渐从鼓励"引进来"转向"引进来"与"走出去"并重。改革开放以来到2021年，除 2016年出现过417亿美元的少量逆差外，其他年份我国跨境直接投资一直为顺差。直接投资与经常项 目"双顺差"（二者合计被称为基础国际收支顺差）奠定了我国国际收支韧性的坚实基础。 2020年初新冠疫情大流行暴发后，由于国内疫情防控好、经济复苏快，2020和2021年，我国直接投资顺 差规模持续大幅增加，分别较上年增长97.7%和66.3%，而疫情暴发前夕的2019年为环比下降45.6%。到 2021年，我国直接投资顺差1653亿美元，创2014年以来新高，顺差额排名史上第五位。这一度让前些 年"中美经贸摩擦升级，引发我国产业大规模外迁"的舆论有所消退。 进入2022年，这一发展势头戛然而止。我国直接投资骤然转为持续逆差，2022~2024年各年逆差分别为 198亿、1743亿和1537亿美元，2023和2024年逆差额名列史上前两位。于是，以"去风险化"之名行"去中 国化"之实的全球产业链供应链重构之说又卷土重来。 202 ...

管涛 | 立方大家谈专栏作者 长期以来，我国是利用外资大国。然而，在百年变局加速演进、来自外部的打压遏制不断升级的背景下，近年来我国利用外资出现较大波动，关于中国产业 外迁的市场传闻不胫而走。其中，最为引人注目的是2022年以来，我国国际收支口径的外来直接投资（即直接投资资产方）净流入减少、对外直接投资（即 直接投资负债方）净流出增加，跨境直接投资持续逆差（如非特指，本文均指国际收支口径的双向跨境直接投资），引发了对华贸易保护主义抬头，"去中 国化"的全球产业链供应链重塑的市场担忧。 2020年初新冠疫情大流行暴发后，由于国内疫情防控好、经济复苏快，2020和2021年，我国直接投资顺差规模持续大幅增加，分别较上年增长97.7%和 66.3%，而疫情暴发前夕的2019年为环比下降45.6%。到2021年，我国直接投资顺差1653亿美元，创2014年以来新高，顺差额排名史上第五位（见图1）。这 一度让前些年"中美经贸摩擦升级，引发我国产业大规模外迁"的舆论有所消退。 进入2022年，这一发展势头戛然而止。我国直接投资骤然转为持续逆差，2022~2024年各年逆差分别为198亿、1743亿和1537亿美元，202 ...

在外部极限关税施压的情况下，今年前三季度我国对外直接投资净流出同比下降。 长期以来，我国是利用外资大国。然而，在百年变局加速演进、来自外部的打压遏制不断升级的背景下，近年 来我国利用外资出现较大波动，关于中国产业外迁的市场传闻不胫而走。其中，最为引人注目的是2022年以 来，我国国际收支口径的外来直接投资（即直接投资资产方）净流入减少、对外直接投资（即直接投资负债 方）净流出增加，跨境直接投资持续逆差（如非特指，本文均指国际收支口径的双向跨境直接投资），引发了 对华贸易保护主义抬头，"去中国化"的全球产业链供应链重塑的市场担忧。 不过，从国家外汇管理局发布的国际收支初步数据看，在外部极限关税施压的情况下，今年前三季度我国对外 直接投资净流出同比下降，外来直接投资由净流出转为净流入，跨境直接投资尽管依然逆差但逆差额同比减 半，直接投资项下的资本流动状况逆势趋于好转。 近年来我国跨境直接投资持续净流出 直接投资属于长期的、稳定的跨境资本流动，我国渐进式的对外开放就是从鼓励外国直接投资起步的。只是进 入新世纪后，逐渐从鼓励"引进来"转向"引进来"与"走出去"并重。改革开放以来到2021年，除2016年出现过417 ...

Core Insights - The 2025 China Foreign Investment Statistical Bulletin indicates that in 2024, China attracted actual foreign investment of $116.24 billion, showing a year-on-year adjustment but a continued optimization in investment structure, with a 9.9% increase in the number of newly established foreign-invested enterprises, reflecting the enduring appeal and resilience of the Chinese market [1][18]. Investment Structure - The service sector remains the dominant force in foreign investment, with the tertiary industry accounting for 66.0% of actual foreign investment and 91.2% of new enterprises established in 2024. Key areas of foreign investment include leasing and business services, scientific research and technical services, wholesale and retail, and information transmission and software services [2][21]. - High-tech industries showed remarkable performance, with actual foreign investment amounting to $40.26 billion, representing 34.6% of the national total. High-tech manufacturing attracted $13.51 billion, an increase of 0.5 percentage points, while high-tech services received $26.76 billion [2][28]. Regional Distribution - Foreign investment remains highly concentrated in eastern regions, which accounted for 87.0% of the total actual foreign investment. The Yangtze River Economic Belt attracted 53.4% of the national foreign investment, highlighting its role as a key driver of high-quality economic development in China. Jiangsu province led in actual foreign investment, followed by Shanghai, Zhejiang, Guangdong, and Shandong, collectively accounting for over two-thirds of the national total [3][31]. Source of Foreign Investment - Asia is the primary source of foreign investment, contributing 78.8% to China's actual foreign investment in 2024. Hong Kong remains the largest source, accounting for 63.5%, followed by Singapore at 9.2%. Investments from free ports like the Cayman Islands and British Virgin Islands are also significant, while EU investments account for 5.8%, primarily in manufacturing and R&D [4][22]. Global Context - In the global landscape, China ranks fourth in attracting foreign direct investment (FDI), maintaining its position as the leading developing country for 33 consecutive years, capturing 7.7% of the global FDI total. Despite increasing international competition, China's vast market, complete industrial system, and continuously improving business environment ensure its significant role in global foreign investment flows [5][19].