Overseas investment in China in October fell 0.2% from a year earlier, to $8.31 billion. The 10 months through October showed a steeper drop, down 3.5% to $91.7 billion. Last year, China drew a total of $116 billion, setting a new record. One obvious factor is the shaky global economy. With companies around the world facing still-fragile growth prospects, pumping money abroad has become a less-attractive choice. China's slowdown is one reason it has become a less-attractive investment target; the economy is expected to grow by 7.7 percent this year, its slowest pace in 13 years. Overcapacity in industries that include steel, cement, coal, aluminum, textiles, and machinery is squeezing profit margins. A further big issue for manufacturers is rising labor costs, which are making China-based production less competitive. Some companies are choosing to locate new export-oriented manufacturing capacity in other countries, reflecting the rapid wage growth in China.