I think there's an important distinction missing here. First, NET FDI (foreign direct investment) into China was 1.3 trillion USD over the last decade, not nom

I think there's an important distinction missing here. First, NET FDI (foreign direct investment) into China was 1.3 trillion USD over the last decade, not nominal: https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?locations=CN https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?locat.... FDI is a pretty imperfect measure for a short period of time. If a Chinese company buys foreign assets, say mines in Africa or forests in South America, that counts as a net outflow. In the long run though, those investments may well pay off handsomely. For a rapidly developing country with a high savings rate, there's no inherent reason why Chinese companies investing abroad should be an indication of doom for China. As someone who regularly does business with Chinese companies, it has been my experience that it has never been harder to remove currency from China. It is true that capital controls have become increasingly tight. Edit: Additionally, given the regulatory difficulties of foreign companies investing in China, it's not surprising that outflows of investment by Chinese companies outsize incoming foreign investment into China.