Foreign direct investment into China plunges
Here is the chart:
Two things are going on: American businesses are no longer opening new factories in China. Instead they're diversifying into Vietnam, Bangladesh, India and Mexico, just in case there is a trade war or worse, a real war. Some are re-shoring in the USA if they can attract some of Biden's green subsidies.
The second thing happening is that US companies in China are no longer keeping their profits in China. Of course if they bring the money back to the USA, they'll have to pay American corporation tax on it. But they can send the money to a subsidiary in the Cayman islands, and then using an investment vehicle, park the money in US Treasuries earning 5%. (Chinese govt bonds pay around 2%).
One thing is clear: corporate America's 20-year romance with China is over.