China invested around 124 billion dollars (105 billion euros) abroad in 2025, the highest amount in new agreements since 2018, said this Thursday, 5th, the North American consultancy Rhodium Group.
Although it remains far from the historical record of 287 billion dollars (243 billion euros) recorded in 2016, the total value was driven by new generation projects in the mining, data center and energy sectors, which together represented around 100 billion dollars (84 billion euros) last year.
The report also highlights that the operations actually completed amounted to 73 billion dollars (61 billion euros) – the highest value since 2019 –, reflecting the usual delay between the announcement and completion of investments, as well as the cancellation of some projects.
According to Rhodium, although China continues to invest heavily in overseas factories, the trend is declining. On the contrary, exports continue to be the main driver of Chinese economic globalization.
“Chinese companies may be localizing part of their production through foreign direct investment, but China’s globalization strategy continues to focus on exports,” says the report, which adds that “domestic production capacity has grown much faster than outside China since the pandemic.”
North Africa was the only region in the world to record an increase in Chinese investment in new manufacturing units during 2025, which could represent “a disappointment” for countries that hoped to revitalize the industry with capital from China.
In 2025, Asia remained the main destination for Chinese foreign investment, followed by markets such as Latin America, driven by mining and infrastructure projects. In contrast, the share of investments in North America, Europe and Oceania fell from around 70% of the total in 2016 to less than 20%.
The decline was particularly pronounced in Central and Eastern Europe, highlights the consultant, who associates the decline with Beijing’s reluctance to allow advanced Chinese technologies to be transferred abroad.
The automotive sector represented 13% of investment, the lowest share since 2020, due to the slowdown in electric vehicle production chains. Conversely, investments in iron, lithium and gold exploration projects, as well as in fossil and renewable energy, increased.
The report also highlights the growth of digital services, the second largest in the historical series, with emphasis on the “boom” of data centers in Southeast Asia, and the consumer goods sector, driven by the acquisition of historic European brands and retail networks.
Rhodium Group’s estimate differs from official data released by Beijing, which points to 174.4 billion dollars (147 billion euros) invested abroad in 2025, 7.1% more than in the previous year.
The difference, according to the consultant, is due to Chinese companies that maintain revenues in dollars in their branches abroad, avoiding repatriating profits and converting them into assets denominated in renmimbi.
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