China remained a major global leader in outward foreign direct investment (OFDI) in 2024, with its outbound investment reaching USD192.2 billion, up 8.4% year-on-year, marking 13 consecutive years in the world's top three and nine straight years with a global share exceeding 10%, according to an official report. Analysts said that China's diversified investment strategy, bolstered by Belt and Road Initiative (BRI) cooperation and private-sector dynamism, has enhanced global supply chains and economic stability. As China continues to expand its OFDI, its role as a key driver of international economic collaboration continues to strengthen.
China's OFDI accounted for 11.9% of the global total in 2024, up 0.5 percentage points from the previous year. As of the end of 2024, China's cumulative OFDI stock reached USD3.14 trillion, ranking third globally for eight years running, according to a report by the Ministry of Commerce (MOFCOM), the National Bureau of Statistics (NBS), and the State Administration of Foreign Exchange (SAFE). The report noted the mutual benefits of and global economic contribution by China's OFDI, which spurred USD211 billion in goods exports in 2024, up 13% year-on-year, accounting for 5.9% of the national total. Chinese enterprises abroad generated USD3.6 trillion in sales, paid USD82.1 billion in host-country taxes, and employed 5.02 million workers overseas, with 65.8% being local hires, underscoring China's contribution to global economic growth.
Chinese investors operated in more than 80% of all countries and regions. As of the end of 2024, they had set up 52,000 overseas enterprises in 190 countries and regions, including 19,000 in BRI partner countries. These enterprises reinvested USD77.8 billion in profits, accounting for 40.5% of OFDI flows, with 70% reporting profits or breaking even, reflecting robust operations. The report also highlighted China's diversified investment sectors, as investments spanned all 18 sectors of the economy, with more than 80% concentrated in five key areas in 2024: wholesale/retail, leasing/business services, manufacturing, finance, and mining, each exceeding USD10 billion. Construction investment grew 80.5% year-on-year, while information technology and software services expanded 205.5%.
By destination, China's OFDI grew strongly across Asia, Latin America, Europe and Oceania, as well as in BRI partner countries. Asia absorbed nearly 80% of China's OFDI in 2024, up 8.5%, with ASEAN alone receiving USD34.36 billion, up 36.8%. Latin America, Europe, and Oceania saw increases of 15.4%, 25.3%, and 113.7%, respectively. BRI partner countries attracted USD50.9 billion, a 22.9% rise, comprising 26.5% of total OFDI.
Private-sector and local enterprises drove much of the growth. Non-state-owned entities invested USD91.37 billion, up 24.6%, representing 54.3% of non-financial OFDI. Local enterprises, led by those from Guangdong, Zhejiang, and Shandong provinces, invested USD108.43 billion, up 16.8%, outpacing the overall growth rate, the Global Times reports.
