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 eight months of 2025, China’s total outbound direct investment (ODI) reached RMB 782.82 billion, a 0.8 percent increase year-on-year in yuan terms (US$109.15 billion in dollar terms, down 1.7 percent). Chinese investors made non-financial direct investments in 8,350 overseas enterprises across 150 countries and regions, with a total investment of RMB 694.97 billion, up 3.8 percent (US$96.9 billion in dollar terms, up 3 percent).

During the same period, Chinese enterprises invested RMB 185.99 billion in non-financial sectors in countries involved in the Belt and Road Initiative (BRI), reflecting a year-on-year growth of 0.7 percent.

China ODI in total

Source: MOFCOM, China

China’s ODI showed a slight slowdown in the first eight months of 2025, signaling a shift from the robust expansion seen in 2024. Between January and August 2025, the total ODI amounted to US$109.15 billion, representing a 1.7 percent decline compared to the same period last year. This stands in sharp contrast to the 10.1 percent growth recorded in full-year 2024, when ODI reached US$162.78 billion. The reversal highlights the cooling momentum of China’s outbound investment in 2025, likely shaped by weaker global economic conditions, rising geopolitical uncertainty, and tighter scrutiny over overseas transactions.

Non-financial ODI has proven more resilient than the overall figures, suggesting a structural shift in China’s outbound investment pattern. While total ODI contracted, non-financial ODI in January–August 2025 grew by 3 percent to US$96.9 billion. Earlier in the year, growth was even stronger, at 9.1 percent in January and February, and 5.6 percent in January through April. This divergence indicates that industrial, technology, and service-sector investments continue to drive China’s global expansion, while financial-sector investments are dragging down overall growth. The data suggests a “real economy tilt” in China’s ODI, with more emphasis on sectors that directly complement the country’s development priorities, such as advanced manufacturing, digital technology, and green industries.

The monthly trend further illustrates volatility in outbound investment. Momentum was positive in the first quarter of 2025, when ODI expanded by 6.2 percent year-on-year in January–March and 7.5 percent in January–April. However, from May onward, total ODI fell into negative territory, with contractions of 2.3 percent in January–May and 6.2 percent in January–June. By July, the decline moderated slightly to 5.4 percent, and August data showed a further improvement, narrowing the year-to-date decline to just 1.7 percent. This uneven trajectory underscores the sensitivity of China’s ODI to shifting market conditions and regulatory pressures.

Despite weaker growth in investment value, participation in outbound projects has remained strong. The number of Chinese enterprises investing abroad grew steadily from 2,799 in January–February 2025 to 8,350 by January–August, approaching the 9,400 total recorded for full-year 2024. This indicates that while fewer large-scale, high-value deals are taking place, more enterprises—particularly small and medium-sized firms—are pursuing overseas expansion through smaller, diversified projects. At the same time, the geographical spread of ODI has remained stable, with investments directed to 150 countries and regions during the first eight months of 2025. This consistency suggests that China is maintaining a broad global footprint, even as the average size of individual deals appears to be shrinking.

Overall, the data points to an important transition in China’s outbound investment landscape. The slowdown in total ODI growth, contrasted with the relative stability of non-financial investment and the rising number of participating enterprises, reflects a shift toward “broad but lighter” ODI. Rather than relying on large financial transactions or high-profile acquisitions, China’s overseas investment is increasingly being driven by a wider base of companies pursuing sector-specific, strategic opportunities aligned with national priorities. For foreign stakeholders, this trend suggests that while headline ODI growth may be softer in 2025, opportunities remain significant in non-financial sectors and across a wider array of partner countries.

China’s non-financial ODI by month

Source: MOFCOM, China

China’s monthly non-financial ODI between January 2024 and August 2025 shows a pattern of seasonal surges, mid-year slowdowns, and recent signs of stabilization. In 2024, investment started the year modestly, with US$11.98 billion in January and a dip to US$9.08 billion in February. Momentum strengthened in March and April, when ODI climbed to US$13.14 billion and US$14.16 billion, respectively, before easing slightly in May (US$11.84 billion) and June (US$12.42 billion). July 2024 came in at US$10.93 billion, followed by a mild rebound in August (US$10.54 billion) and September (US$12.37 billion). The final quarter saw fluctuations, with October dropping to US$9.37 billion, November rebounding to US$12.80 billion, and December peaking at US$15.22 billion—the highest monthly total of the year. This trajectory illustrates the traditional year-end push in Chinese ODI, likely driven by deal closures and budget cycles.

The 2025 data, covering January to August, reflects a similar rhythm but with greater volatility. The year opened strongly, with US$22.97 billion recorded for January–February combined, well above the same period in 2024. March and April remained robust at US$12.71 billion and US$15.36 billion, respectively, with April outperforming the same month in 2024. However, momentum faltered in May and June, when monthly ODI dipped to US$10.56 billion and US$10.63 billion, representing the weakest performance since October 2024. July and August showed modest recovery at US$12.30 billion and US$12.37 billion, respectively, signaling that while investment activity slowed mid-year, it has not collapsed, and enterprises may be adjusting the timing of overseas project approvals.

Comparing year-on-year trends highlights a few key shifts. April 2025 outpaced April 2024 by a full US$1.2 billion, underscoring continued appetite for overseas projects in the first half of the year. However, May–June 2025 levels fell below their 2024 counterparts, suggesting growing caution as the year progressed. The July and August 2025 figures of US$12.30 billion and US$12.37 billion were notably higher than July and August 2024’s US$10.93 billion and US$10.54 billion, pointing to a partial rebound after mid-year weakness. Overall, while the data confirms persistent cyclical swings in China’s non-financial ODI, the broader pattern shows resilience in early months and an ability to rebound from mid-year dips, even amid heightened external uncertainty.

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

Source: MOFCOM, China

China’s non-financial outward direct investment (ODI) in Belt and Road Initiative (BRI) countries and regions demonstrated steady growth momentum in 2025, following a year of more modest activity in 2024.

A month-on-month comparison highlights the stronger footing in 2025: investment in August 2025 reached US$3.90 billion, substantially higher than the US$2.57 billion recorded in August 2024. Similar improvements were seen in May and June, with 2025 figures outpacing the same months in 2024 by nearly US$1 billion each. This trend indicates not only a broadening of project activity under the BRI but also suggests that Chinese firms are sustaining capital commitments more evenly, reducing the volatility that characterized 2024.

Overall, the first eight months of 2025 point to a more robust and reliable investment trajectory in BRI economies. The sustained year-on-year growth underscores Beijing’s commitment to leveraging the BRI as a platform for international economic engagement, while the steadier monthly flows may reflect a gradual shift from episodic, large-scale projects toward more continuous and diversified investments across sectors.

(This article was first posted on December 2, 2024, and was last updated on September 26, 2025.)

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