- China is investing much less in the US than it did just a year ago. It has never invested much in the Belt and Road. Yet China’s global investment spending remains healthy, with impressive diversification across countries and the reemergence of private firms.
- Construction and engineering is considerable but unlikely to expand much, as the projects drain China’s foreign reserves. Construction in the Belt and Road alone is rising because the number of countries is rising, not because China is more active.
- The US is about to change its investment review framework with new legislation. This is a step forward, but problems remain. The new framework appears complex while foreign investment thrives on certainty. The Committee on Foreign Investment in the United States must be properly resourced or reform will prove meaningless.
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