CHICAGO: China has passed the United States as the recipient of the most foreign direct investment, luring US$53bil from developed countries in 2003, according to the Organisation for Economic Cooperation and Development (OECD).
In all, as foreign capital flowed into emerging areas including China, developed countries saw investment slide 28% to US$384bil last year from US$535bil in 2002, according to findings released on Monday by the OECD.
The United States felt the biggest sting from a preference for headier, if often riskier, returns on development and investment in emerging markets.
Investment flowing into the United States declined to US$40bil last year, down from US$72bil in 2002 and US$167bil in 2001. – AFX-Asia