Hong Kong CNN —The world’s second largest economy is struggling to attract foreign companies and investments, despite Beijing’s efforts to address its myriad economic challenges, according to new data from China. A gauge of foreign direct investment (FDI) into China has slipped into the red for the first time since 1998, underscoring the country’s failure to stem capital outflows. It suggests foreign companies may be taking their money out of the country, instead of re-investing in their operations. Direct investment liabilities include profits belonging to foreign companies that have not yet been repatriated or distributed to shareholders, as well as foreign investment in financial institutions, according to the government. Late last month, China’s legislature approved one trillion yuan ($137 billion) in sovereign bonds to support the economy.

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