2023 Regional Distribution of Chinese Outbound Direct Investment: Asia Dominates, Emerging Markets Rise

Regional Distribution Overview

In 2023, China's outbound direct investment (ODI) totaled approximately $143 billion, up 5.7% from 2022. Asia remained the largest destination, accounting for about 62% ($88.7 billion). Within Asia, Southeast Asia (ASEAN) attracted approximately $21 billion, representing 23.7% of Asia's total, primarily directed toward manufacturing, infrastructure, and digital economy.

Key Regional Shares

• Asia (incl. Hong Kong): 62% (~$88.7B)

- Southeast Asia: ~$21B - Hong Kong: ~$45B (transshipment and finance) - Other Asia: ~$22.7B

• Latin America: 13% (~$18.6B), mainly into energy and automotive in Brazil and Mexico
• Africa: 8% (~$11.4B), focused on mining, infrastructure, and telecom
• Europe: 7% (~$10B), led by renewable energy and M&A
• North America: 5% (~$7.2B), declining due to policy restrictions
• Oceania: 3% (~$4.3B), concentrated in mining and agriculture
• Others: 2% (~$2.9B)

Trends and Characteristics

• Southeast Asia saw a 15% increase driven by supply chain relocation.
• Latin America and Africa grew 12% and 18% respectively, benefiting from resource cooperation and the Belt and Road Initiative.
• Europe and North America experienced slower growth due to geopolitical factors.
• Private enterprises accounted for 40% of total ODI, shifting from traditional energy to new energy, technology, and consumer services.

Data based on China's Ministry of Commerce, UNCTAD, and industry estimates.