Foreign direct investment (FDI) has been a key pillar of China’s growth strategy since it opened up, helping fuel its transformation into the world’s manufacturing hub. Over the past two decades, however, the country’s outbound direct investment (ODI) has expanded even more rapidly, turning it into one of the world’s largest exporters of capital. Today, China’s outward investment exceeds inflows, and it consistently ranks among the top three global investors.
“Over the past decade, China’s cumulative outward direct investment has exceeded $1.8 trillion,” Yang Fanxin, a researcher at the National Academy of Development and Strategy, Renmin University of China, says. “Last year, ODI is estimated to have crossed $200 billion, with manufacturing investment growing by about 15 per cent.”
China’s overseas investments have climbed steadily in recent years, rising to $192.2bn in 2024 and $177.2
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