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1 1 (January 14, 2020)

handle is hein.amenin/aeiacxp0001 and id is 1 raw text is: Key Points SChinese investment and c:.rt:cion arodnct:i [he vvond coy a :n 2r9, regardes s ot Beijinq's clairs to the contrary Iowew'r, the decline is. cnentrated in :arge, e'adlire-wirrt: deals, and Chinese firms rmain active or a' srnJler scale. A c:onraction in acquislirs in rcfh eco:aon::-s has boosted the reiative impo:rtan:-e on gr eenfield spertdrrg. [te nrrrnbe ofcountries in the BIXtand Road conthnues to expand, and power p!ot and bansport constructon a:r nue to be preerient. Ame nan poIyr-nakers were initlly spurred to act by inte- e C investment in 2016. tis has drop ped rpy, u thre ere a chaderrges related t irvestrtrner, ieview that are more imprt rrt, starting with strengrhering x oort contrors. C-nina's overseas investment and constrcton saw a crucial sitift i.t 2o1. [it' nat re of that snift is in question. 'he COh ,n Global Irtvestrnent 'Tracker (CGIT) fron the Anterican Enterprise Institute and Herit- age InUi idation reasonaby ca'ked o:Mcial govern- meat investment levels from 2t5 trough Zoo& In 2o., offieia figures proclaim stabilin while the CIT sees a dramatic fall. Thc fai-n possibilitics are (-) China is noanipulating data and (a) the average size of transactions has dropped nd the CGTE is iussing no re of then These are not exc'ncsve. *\ost likely there is an inportant slump hey nnd what Beling reports, but still not the plange ser in the CUT'. Such a slump calls for explanation. It is well cumentedby now utat ey host couinntes have grown suspicious of Chinese firnms. However, this does no also explain a simnultaneous f ade in the construction led Belt and Road Initiative (BRI. The best explanation for broad weakness is ero- sio of the previously abundant foreign exchange used to finane construction and investinents. Since a.4, China has seen a large drain on its reserves. There is no reversal on the horizon, which means rt, i.er ifvesi: nent nor co*strution can reach level s anticipated a few years aago. The CIT is the only fully publi record of Clii nese out)ound investment and con.struetion worldwide. Ml 3,600 transactons recorded snce tne stant of aoos are accessible in a, public dara set In loty, with the same oi o million threshold as in previous years, SpendiDag phMged 40 percent to below $-o billion, on top of a simnilar drop in aotS The aoj inestnCit results look sinilac to oii, with Chinese investnent returning to a local rather tha a global phitolnenofl Beyond lower investment, there were positive developrncn ts. Peak investment rested on financiall' and politically un sustain.able large-scale acgusitiot.s Q:i A: WK GA q/: :i.

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