(Reuters) – China was the largest beneficiary of foreign direct investment in 2020, as the coronavirus outbreak spread around the world during the year, bringing the Chinese economy $ 163 billion in revenue.
China’s $ 163 billion in revenue last year, compared to $ 134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released Sunday.
In 2019, the United States received $ 251 billion in revenue, and China received $ 140 billion.
China’s economy grew rapidly in the fourth quarter, surpassing growth as it put an end to a severe attack of coronavirus 2020 in remarkably good shape and remained ready to expand further this year, even as the global pandemic unleashes.
China’s gross domestic product rose 2.3% in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year.
The world’s second-largest economy surprised many with the speed of its recovery from the sound of the coronavirus, especially as policymakers were forced to navigate strained US-China relations on trade and other fronts.
Overall, global FDI collapsed in 2020, falling 42% to about $ 859 billion, from $ 1.5 trillion in 2019, according to the UNCTAD report.
“FDI ended 2020 with more than 30% below the minimum level after the global financial crisis of 2009,” UNCTAD said on Sunday.
FDI flows fell 37% in Latin America and the Caribbean, 18% in Africa and 4% in developing Asia, the report added.
East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69%.
Report by Kanishka Singh in Bengaluru; edited by Diane Craft