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This interactive website and report provide a clear accounting of foreign direct investment (FDI) flows between the United States and China from 1990 to the present, providing policy and business leaders the data needed to better manage this important element of the bilateral relationship.

Key findings from the 2018 report include:
  • In 2017, U.S.-China FDI flows declined by one third (28%) to $43.4 billion
  • Policy and politics in both countries—rather than commercial forces—are largely to blame for the decline
  • Flows remain unbalanced with Chinese FDI in the United States at twice the level of U.S. investment in China ($29 billion vs. $14 billion)

The 2018 Two-Way Street update and rollout events are made possible thanks to partnerships with the American Chamber of Commerce in Shanghai and the China General Chamber of Commerce – USA, and additional funding from The Walt Disney Company, East West Bank, and The Starr Foundation.

Download 2018 Reports:
Two-Way Street  New Neighbors
Exec. Summary
Full Report
摘要 (中文)
Archived Reports

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Press Inquiries:
Joseph Weed
Director of Communications
jweed@ncuscr.org | 646-604-8001
This study analyzes the operations of Chinese-owned companies in the United States and the local impacts of these firms' investments. Delivering cumulative foreign direct investment (FDI) values, numbers of operations, and jobs provision by region, state, and each of the 435 U.S. congressional districts, New Neighbors identifies trends as well as areas of the U.S. economy with the potential to attract additional Chinese investment. The report serves as a valuable resource for national and sub-national (local) U.S. officials and those in the policy community who have influence over our nation's receptiveness to FDI.

Key findings from the 2018 report include:
  • In 2017, the value of completed Chinese FDI transactions dropped by over a third (35%) to $29 billion as Beijing re-imposed capital controls and Washington toughened screening of high-technology acquisitions
  • The value of newly announced transactions dropped by more than 90%
  • The impact from this decline in FDI activity was also felt on the local level: planned greenfield projects were delayed, fewer jobs were added to Chinese payrolls compared to the previous year, and some Chinese firms even began seeking buyers for their U.S. assets
  • The biggest recipients of Chinese capital in 2017 were New York, California, and Massachusetts

The 2018 New Neighbors update and rollout events are generously sponsored by Chubb, Perfect World, and The Starr Foundation.

Taken together, these initiatives aim to provide greater transparency on FDI flows between the United States and China, led by the National Committee on U.S.-China Relations and Rhodium Group. Launched in 2015, New Neighbors adds an important new chapter to discussions on bilateral investment, marking China's arrival as an exporter of FDI to advanced economies, not just a recipient. The release of Two-Way Street, begun in 2016, extends the conversation once again, unveiling a fully comparable account of deal flows in each direction. These studies provide accurate data and objective analysis to help policymakers, communities, and businesses better identify opportunities for growth and respond to questions and concerns about a new dimension of Sino-American economic activity.