new trends in fdi flows in china
foreign direct investment (fdi) is an important driver of global industrial and supply chains. affected by the covid-19，the total global fdi fluctuated greatly from 2020 to 2021. in 2021，china's fdi has grown rapidly，showing that china's position in the global economic structure and global influence has been constantly improving. in the future，with the policy change of the federal reserve，the adjustment of the global industrial chain layout and the continuous escalation of the competition between major powers，the global fdi flow pattern will be further adjusted in depth. it is expected that the long-term positive trend of china's use of fdi will not change.
new characters on china's fdi in recent years
china's fdi has maintained steady and independent growth，compared with the large fluctuations of fdi in major economies. since the reform and opening-up policy in the 1980s，china's fdi flow has maintained an overall growth trend except for a few years when it showed point-like fluctuations influenced by internal and external economic conditions ，but the year-on-year growth rate has gradually decreased. for example，the average annual growth rate from 1980 to 1989 was 38.9%，the average annual growth rate from 1990 to 1999 was 9.6%，the average annual growth rate from 2000 to 2009 was 2.9%，and the average annual growth rate from 2011 to 2019 was 0.5%. since the beginning of the new century，except for the decline in 2000 (-13%) and 2010 (-17%)，which were affected by the global economic downturn，the rest years were dominated by small increases，which were free from cyclical fluctuations compared with advanced economies. affected by the rise of trade protectionism and the shrinking global trade since 2016，china's fdi flow has maintained a slight increase in the range of 1%-2%.
since 2020，china's fdi has entered a stage of accelerated inflow. with the impact of covid-19，the global fdi flow in 2020 dropped sharply by 44% year-on-year to us$859 billion，which was less than us$1 trillion for the first time since 2005，and was more than 30% lower than the trough. due to china's early control of the spread of the epidemic，china's fdi flow in 2020 reached us$163 billion，a 4% increase compared with the reverse change of developed economies，the highest value in this century，overtaking the united states to become the largest foreign capital inflow country. in 2021，fdi in china maintained a high-speed growth of 20%，continuing the trend of accelerated inflow of fdi.
