China has pulled back on its overseas investments. It will not likely return to its former free-spending ways any time soon.
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Official Ministry of Finance figures, not surprisingly, offer a soothing picture of moderate decline, but private sources tell a much more dramatic story. According to the American Enterprise Institute’s well-regarded China Global Investment Tracker , Chinese overseas investments of all kinds in the first half of this year averaged only $27.5 billion, half the rate averaged during the same time in 2018 and barely a quarter the rate of 2017’s first half.
More significant is China’s relative shortage of hard currency. Despite Beijing’s efforts to make the yuan a global currency, it is little used in currency transactions – no more than 2% of the total in fact – and so is of little use in overseas purchases. Meanwhile the trade war with the United States has already begun to cut into Beijing’s supplies of foreign exchange.
France Dernières Nouvelles, France Actualités
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