Foreign investments are leaving China. Half of the $250 billion to $300 billion foreign bond investments since 2019 have exited, and U.S. private equity and venture capital investments in China have fallen by more than 50 percent, according to a JP Morgan report last month. Foreign direct investment into China in the second quarter of this year reached a 25-year low at $4.9 billion, with a year-on-year decline of 87 percent, according to Chinese official data.Bloomberg and fDi Markets data on new investment projects—a more telling indicator of whether foreign firms are still investing in the country—show a 40 percent...