China’s central bank courts foreign firms to attract capital

The news: China's central bank and forex regulator have met with foreign companies as part of efforts to attract overseas investment to support its economic recovery.

The numbers: Foreign direct investment into China fell 5.1% year-on year to 847.2 billion yuan ($184 billion) in the first eight months of 2023, according to latest data from its commerce ministry. Private investment is down 0.7% over that period, while fixed asset investment expanded at a slower pace of 3.2%.

The context: Foreign firms attending the meeting included JPMorgan, HSBC, Deutsche Bank and Tesla, a statement by the People's Bank of China (PBOC) said. It comes amid renewed efforts by Chinese policymakers to revive foreign trade and investment as the world's second-largest economy loses steam. China's State Council in August issued guidelines asking authorities to increase protection of the rights and interests of outside investors.