In a recent announcement, China reported steady growth in its foreign investment and cooperation for the year 2024, according to an official from the Ministry of Commerce (MOC). The data, released on Sunday, highlights significant increases in outbound investments and international projects, showcasing China's expanding global economic presence.
The country's non-financial outbound direct investment surged by 10.5 percent year on year, reaching $143.85 billion. Notably, investments in the Association of Southeast Asian Nations (ASEAN) countries saw a substantial increase of 12.6 percent, reflecting China's strengthening ties with its Southeast Asian neighbors.
Key sectors driving this growth included leasing and business services, manufacturing, and wholesale and retail industries. The MOC data indicates that these areas were pivotal in bolstering China's foreign investment landscape. Additionally, the turnover of China's foreign contracted projects totaled $165.97 billion in 2024, marking a 3.1 percent year-on-year increase.
The workforce involved in overseas projects also expanded significantly. In 2024, China dispatched 409,000 workers abroad, a 17.9 percent increase compared to the previous year. By the end of the year, the total number of Chinese workers employed overseas reached 594,000, underscoring the country's commitment to global cooperation and development.
Investment in countries along the Belt and Road demonstrated continued growth as well. Non-financial investments in these regions rose by 5.4 percent year on year, totaling $33.69 billion. This uptick underscores the ongoing success of the Belt and Road Initiative in fostering economic collaboration and connectivity across participating nations.
The steady increase in China's foreign investment and cooperation reflects the nation's ongoing efforts to integrate more deeply with the global economy. These developments are poised to bring about enhanced economic opportunities not only for China but also for its international partners, particularly within the ASEAN community and the Belt and Road countries.
