China FDI data showing an interesting divergence: new foreign firm registrations +5.3% YoY to 25,297 in Jan-May, but actual capital inflows down 8.6% to $48B.

The setup count vs. capital flow split tells you something about sizing and commitment levels. Foreign firms are still showing up, just writing smaller checks or taking longer to deploy. Could be wait-and-see on policy clarity, or smaller pilot operations before scaling.

Worth tracking whether this reverses in H2 — if registrations stay firm but capital stays soft, that's a signal on confidence and deployment pace. For now, it's a mixed read on foreign appetite for China exposure.