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1 1 (July 2017)

handle is hein.amenin/aeiaafq0001 and id is 1 raw text is: Key Points * China's investment around the world grew 9 percent in the first half of 2017, nearing $100 billion. However, much of this was due to a single transaction. Otherwise, investment would have dropped. * Investment in most countries and sectors is lower. For example, Chinese investment in the US for January-June fell approximately 50 percent, although it still hit $17 billion. * The most important development: The Chinese state is back with a vengeance. Its share of spending reversed years of declines, and Chinese regulators hold the key to the investment trajectory. * China's global construction activity is underappreciated. The much-touted Belt and Road initiative is an investment dud, but construction is considerable. * Reform of the Committee on Foreign Investment in the United States is likely next year, It should provide needed resources to protect advanced technology. Other American action should distinguish between Chinese firms that break the law and others that should be welcomed. A big story in 2016 was money leaving China, including a boom in registered outward investment. A big story in 2017 is supposed to be Beijing cracking down on this outflow, through capital controls and, recently, investigations into high-profile outbound investors.' While foreign exchange reserves have stabilized and official outbound investment dropped through May, a record-shattering acquisition means 2017 could very well see more outbound investment than 2o16. The best depiction of 2017 to date is not investment decline, but the state retaking the dominant role in spending and policy, after the private sector was comparable in importance in 2016. The China Global Investment Tracker (CGIT) from the American Enterprise Institute and the Heritage Foundation is the only fully public record of China's outward investment and construction.2 It is not merely asserted totals or a compilation of announcements but is vetted for spending being initiated, to forestall exaggeration. Every transaction is listed, for public use. In the first half of 2017, due to the Chinese state's acquisition (June close) of Swiss agriculture giant Syngenta3 investment rose a further 9 percent over the first half of 2016. For purposes of comparison, excluding Syngenta would yield a roughly one-third drop from the first half of 2016 and a total very close to that seen in the first half of 2o5. With Syngenta, the top national AMERICAN ENTERPRISE INSTITUTE

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