According to data released by the Ministry of Commerce in the past, China's industry-wide foreign direct investment in 2019 was US$117.12 billion, a year-on-year decrease of 9.8%. Non-financial direct investment was US$110.6 billion, a year-on-year decrease of 8.2%. According to the Overview of China's Overseas Investment in 2019 released by Ernst & Young, overseas investment by Chinese companies continued to decline in 2019, with industry-wide direct investment and announced overseas mergers and acquisitions (M&A) falling by 9.8% and 31%, respectively. From the beginning of this year, China's foreign investment has further declined. So far this year, China's outbound M&A volume is only US$15.1 billion, a decrease of 25% from the same period last year and less than 10% of its 2016 peak of nearly US$200 billion. Among them, mergers and acquisitions related to the aviation and tourism industries have been hit hard by the novel coronavirus pandemic. Take HNA Group as an example, it acquired the entire equity of Swissport International, a Swiss airport ground handling company as early as 2015, but in the second quarter of this year, Swissport Belgium, a subsidiary that mainly provides ground handling services for Brussels airports, filed for bankruptcy. Swissport International also gave further details last week of its progress in discussing debt restructuring and deleveraging with creditors.