by Matt Phillips, Axios Markets

“Foreign investment into China turned negative for the first time on record in the third quarter.

Why it matters: The outflow of foreign direct investment, or FDI, is a reflection of the sharp deterioration in China’s economic prospects. The world’s second-largest economy continues to struggle with a sluggish COVID recovery, a deterioration in consumer and business confidence, and ongoing de-coupling and de-globalization trends.

State of play: A broad measure of FDI published by China’s State Administration of Foreign Exchange on Friday showed an outflow of $11.8 billion in the third quarter, the first negative print since the agency began compiling the data in 1998…”

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