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Expand chart
Data: Institute of International Finance; Table: Axios Visuals

Investment in Chinese assets fell significantly this year as a combination of the trade war and increasingly attractive opportunities elsewhere spread money across a variety of locations in the emerging world.

The big picture: While the economies of many emerging countries are feeling the pressure from China's slowdown and reduced global trade, foreign investment has picked up notably this year from 2018.

Why it matters: The White House has reportedly floated the idea of cutting off U.S. investors' access to some Chinese investments, but data shows President Trump's trade war has already significantly reduced the level of Chinese securities purchased by foreigners.

What they're saying: The flow of funds out of China has largely gone to other emerging countries, particularly Saudi Arabia.

  • Having just this year joined emerging market indexes, Saudi Arabia has attracted $21 billion in foreign portfolio equity inflows, "becoming the top equity investment destination among emerging markets," Jonathan Fortun, an economist at the Institute of International Finance, told Axios.
  • Nigeria and Ukraine also have seen significant inflows as investors pull back on Chinese assets, Fortun said.

Yes, but: Chinese investments bounced back in September when emerging market stocks and bonds registered nearly $38 billion of inflows, according to IIF data released Tuesday.

  • That was one of the strongest months this year, and Chinese stocks drew $9.2 billion, a substantial increase over August's $1.6 billion inflows.

Go deeper: U.S. ban on Chinese investments would take trade war to a new level

Go deeper

Updated 15 seconds ago - Health

Omicron cases confirmed in 5 U.S. states

A healthcare worker inserts a Covid-19 rapid test into a machine in Denver, Colorado. Photo: Daniel Brenner/Bloomberg via Getty Images

Hawaii became on Thursday the fifth state to confirm the newly discovered Omicron variant after New York announced five new cases earlier in the day.

The latest: In Hawaii, the variant was found in an unvaccinated O'ahu resident with moderate symptoms who had previously been infected with COVID-19, per a state health department statement. The variant has also been confirmed in California, Colorado and Minnesota.

Senate Dems receive max donations from Nord Stream 2 lobbyist

Illustration: Annelise Capossela/Axios

A major Democratic donor and Nord Stream 2 lobbyist has made maximum campaign contributions this year to Senate Majority Leader Chuck Schumer and vulnerable Senate Democrats, campaign finance records show.

Why it matters: If pressure from the White House to vote against reimposing sanctions on the Russia-backed natural gas pipeline weren't enough, Democrats who back such legislation also will be at loggerheads with one of their party's top fundraisers.

McConnell: No legislative agenda for 2022 midterms

Photo: Drew Angerer/Getty Images

Mitch McConnell has told colleagues and donors Senate Republicans won't release a legislative agenda before next year's midterms, according to people who've attended private meetings with the minority leader.

Why it matters: Every midterm cycle, there are Republican donors and operatives who argue the party should release a positive, pro-active governing outline around which candidates can rally. McConnell adamantly rejects this idea, preferring to skewer Democrats for their perceived failures.

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