China Outbound Direct Invest (ODI) Tracker: 2024-25

In the 2024-25 China Outbound Direct Investment (ODI) Tracker, China Briefing offers up-to-date data and insights on China’s outbound investment developments and trends. The tracker will feature monthly updates on ODI data and timely additions to relevant regulations and key milestones.

China’s role as a global investor continues to expand.

According to data from China’s Ministry of Commerce (MOFCOM) and the State Administration of Foreign Exchange (SAFE), in 2024, China’s total outbound direct investment (ODI) reached RMB 1,159.27 billion, a year-on-year increase of 11.3 percent in yuan terms (US$162.78 billion in dollar terms, up 10.1 percent). Chinese investors made non-financial direct investments in 9,400 overseas enterprises across 151 countries and regions, with a total investment of RMB 1,024.45 billion, up 11.7 percent (US$143.85 billion in dollar terms, up 10.5 percent).

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This jump followed the already high ODI record in 2023. In 2023, China’s ODI flow reached US$177.29 billion, an increase of 8.7 percent from the previous year, accounting for 11.4 percent of the global total. China has ranked among the top three globally for 12 consecutive years (following the United States and Japan) and has held over a 10 percent share of the global total for eight consecutive years. By the end of 2023, China’s ODI stock stood at US$2.96 trillion, maintaining its position among the top three globally for seven consecutive years.

As China’s domestic market matures and competition intensifies, expanding into international markets has become essential for companies pursuing new growth opportunities and greater integration into the global economy, thereby enhancing their competitiveness. This urgency is further driven by a slowing domestic economy. Moreover, the evolving dynamics of globalization and regional development highlight the importance of market diversification and reducing reliance on any single region. Establishing economic partnerships with other countries not only mitigates operational risks but also fosters regional economic growth and strengthens diplomatic ties. Rising geopolitical tensions and trade disputes with major economies like the EU and the US have further accelerated the trend of outbound investment. Expanding globally also enables Chinese firms to navigate certain tariff measures and trade restrictions more effectively and within legal frameworks.

Backed by government support, corporate ambition, and growing global demand for infrastructure and capital, China’s outward investments are set to remain a pivotal component of its international engagement strategy in the foreseeable future.

In this 2024-25 China ODI tracker, China Briefing provides the latest data and information on China’s outbound investment developments and trends.

China ODI in numbers

In 2024, China’s total outbound direct investment (ODI) reached RMB 1,159.27 billion, a year-on-year increase of 11.3 percent in yuan terms (US$162.78 billion in dollar terms, up 10.1 percent). Chinese investors made non-financial direct investments in 9,400 overseas enterprises across 151 countries and regions, with a total investment of RMB 1,024.45 billion, up 11.7 percent (US$143.85 billion in dollar terms, up 10.5 percent).

During the same period, Chinese enterprises invested RMB 239.93 billion in non-financial sectors in countries involved in the Belt and Road Initiative (BRI), reflecting a year-on-year growth of 6.5 percent (US$33.69 billion in dollar terms, up by 5.4 percent).

China ODI in total

Source: MOFCOM, China

China’s non-financial ODI by month

Source: MOFCOM, China

China’s non-financial ODI in BRI countries/regions

Source: MOFCOM, China

(This article was first posted on December 2, 2024, and was last updated on February 5, 2025.)

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