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

In this 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 the first nine months of 2025, China’s total outbound direct investment (ODI) reached RMB 923.68 billion, a 4.4 percent increase year-on-year in yuan terms (US$128.93 billion in dollar terms, up 3.6 percent). Chinese investors made non-financial direct investments in 8,995 overseas enterprises across 151 countries and regions, with a total investment of RMB 793.36 billion, up 4.8 percent (US$110.74 billion in dollar terms, up 4 percent).

During the same period, Chinese enterprises invested RMB 215.0 billion in non-financial sectors in countries involved in the Belt and Road Initiative (BRI), reflecting a year-on-year growth of 24.7 percent (US$30.01 billion in dollar terms, up 23.7 percent).

China ODI in total

Source: MOFCOM, China

Source: MOFCOM, China

China’s ODI rebounded modestly in the first nine months of 2025, reversing the downward trend seen earlier in the year. From January to September, total ODI reached US$128.93 billion, marking a 3.6 percent year-on-year increase. This recovery follows a 1.7 percent contraction recorded in the January–August period, suggesting a gradual stabilization in overseas investment activity.

Non-financial ODI continued to outperform total ODI, reinforcing the structural shift toward real-economy investments. In January–September 2025, non-financial ODI rose four percent to US$110.74 billion, outpacing the overall growth rate. This sustained resilience highlights China’s strategic focus on industrial, technological, and service-sector investments, particularly in areas aligned with national development goals such as digital infrastructure, green energy, and advanced manufacturing.

The monthly trajectory underscores the volatility and gradual recovery of China’s ODI. After bottoming out in June with a 6.2 percent decline, the pace of contraction narrowed in July and August, before turning positive in September. This shift suggests that while external uncertainties remain, Chinese enterprises are cautiously resuming overseas expansion, likely supported by targeted policy support and improved market conditions in select regions.

Taken together, the data point to a cautiously optimistic outlook for China’s outbound investment in late 2025. The return to positive growth in total ODI, coupled with the sustained momentum in non-financial sectors and rising enterprise participation, suggests a shift toward more diversified and strategic overseas engagement. For foreign stakeholders, this evolving landscape presents continued opportunities in sectors that complement China’s long-term priorities, even as the scale and nature of investments become more nuanced.

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

Source: MOFCOM, China

China’s non-financial ODI in BRI countries showed stronger and more consistent performance in 2025 compared to 2024. Monthly investment figures in 2025 were generally higher, with less volatility and more sustained momentum. The year began with a strong surge in January–February and maintained relatively stable levels through September, indicating a more reliable investment pace. In contrast, 2024 saw wider fluctuations and lower monthly averages, especially in mid-year. The data suggests that Chinese firms are deepening engagement in BRI economies, with a shift toward steadier, diversified investments rather than sporadic large-scale deals.

(This article was first posted on December 2, 2024, and was last updated on October 31, 2025.)

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