中国公司债券

Search documents
管涛:拜登政府时期中美双向跨境证券投资状况
Di Yi Cai Jing· 2025-04-27 12:40
Core Viewpoint - The analysis of cross-border securities investment between China and the U.S. reveals a significant decline in Chinese investments in U.S. long-term securities, particularly U.S. Treasury bonds, while investments in U.S. company stocks have increased, indicating a shift in investment strategy [1][2][3][4][5][6]. Group 1: Chinese Investment in U.S. Long-term Securities - As of the end of 2024, Chinese investors held $1,309.3 billion in U.S. long-term securities, a decrease of $220.8 billion or 14.4% from the end of 2020, accounting for 4.1% of foreign holdings [2]. - The balance of Chinese holdings in long-term U.S. Treasury bonds was $698.6 billion, down $334 billion or 32.3%, contributing significantly to the overall decline in Chinese long-term securities investments [2][5]. - In contrast, Chinese holdings of U.S. company stocks increased to $375.1 billion, a rise of $113.9 billion or 43.6%, offsetting some of the declines in other areas [3]. Group 2: Changes in Specific Securities - Chinese holdings of U.S. government agency bonds remained relatively stable, with a slight increase of $4 billion or 1.9%, while holdings of U.S. corporate bonds decreased by $4.7 billion or 19.6% [4][6]. - The overall reduction in Chinese long-term securities was influenced by a net reduction of $1,722 billion in U.S. long-term securities, with non-transactional changes accounting for $692 billion [4][6]. Group 3: U.S. Investment in Chinese Securities - As of the end of 2024, U.S. investors held $246 billion in Chinese long-term securities, a decrease of $39.6 billion or 13.9% from the end of 2020, representing 1.6% of U.S. foreign long-term securities holdings [7]. - The primary reason for this decline was a reduction in U.S. holdings of Chinese company stocks, which fell by $21.3 billion or 8.5% [7][9]. - U.S. holdings of Chinese government bonds decreased significantly by $15.6 billion or 52.7%, contributing to the overall decline in U.S. investments in Chinese long-term securities [8][9]. Group 4: Comparative Analysis of Investment Trends - Despite the differences in scale, both Chinese and U.S. investments in their respective long-term securities show similar proportions, each around 2% of their total foreign securities investments [8]. - The data indicates that while U.S. investors have been reducing their exposure to Chinese securities, Chinese investors have been diversifying their investments, particularly increasing their stakes in U.S. equities [12][13].