The Committee on Foreign Investment in the United States recently gave the go-ahead to a Chinese acquisition in the U.S.: Citiking International, a Chinese-controlled investment fund, has been approved to acquire Albuquerque, New Mexico-based private jet-maker ONE Aviation. While Citiking’s clearance, handled by Wilson Sonsini Goodrich & Rosati, is certainly good news in the M&A space, it’s becoming increasingly rare.

In fact, the committee’s hostility, despite its repeated denial that it targets Chinese deals, has all but killed off Chinese investment, at least when it comes to large deals. Statistics vary from organization to organization, but the shared overall message is that Chinese direct investment into the United States, once a key driver of global M&A activity, has dropped to its lowest point since the 2008-09 global financial crisis.

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