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Nicholas Lardy, senior researcher at the Peterson Institute for International Economics, said in a note the new data imply that foreign firms are not only declining to reinvest earnings, but are selling existing investments and repatriating funds.

Philippe Lardy’s image for Marilyn Nelson’s poetry book “A Wreath for Emmett Till” features the face of Till, a 14-year-old murdered by white racists in 1955, encircled by thorns and chains.

Nicholas Lardy, senior fellow at the Peterson Institute for International Economics, said for investment decisions on China at least western investors are more focused on shareholder value than on human rights.

“It’s too big to ignore and it’s too profitable,” Lardy said of investor holdings in China.

Lardy, the Peterson Institute senior fellow, said he sees little commonality between Evergrande’s problems and the mortgage crisis that hit the United States more than a decade ago.