China received total foreign direct investment (FDI) of US$53 billion in 2003, effectively making it the world's leading recipient of FDI, according to the Organization of Economic Cooperation and Development (OECD). Luxembourg received US$72 billion in FDI in 2003, but the OECD believed it was mainly funds passing through holding companies based there. The US received US$72 billion of FDI in 2002, but that number dropped to US$40 billion in 2003, putting the world's largest economy in second place behind China. The Paris-based OECD reported that investors turned their focus to emerging markets and away from developed economies of the US and EU.
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