Most of the world’s biggest private equity firms, including Blackstone, KKR and Carlyle, have put the brakes on deals in China this year as geopolitical tensions rise and Beijing exerts tighter control over business.

Dealmaking in the world’s second-largest economy has slowed significantly, with just five new investments — mostly small — by the 10 largest global buyout firms this year.

The figures underscore how quickly overseas investors’ enthusiasm for China, once a hot market, has waned in recent years. The same 10 firms collectively made 30 investments in the country as recently as 2021 and similar numbers in earlier years, but the numbers have fallen every year since then. This year, seven of the 10 have made no new investments at all, the figures from Dealogic show.