China’s Global Investment Grew in 2025, But Exports Outpaced Offshoring

Completed investment also edged up 14% to $73 billion, hitting the highest level since 2019 as China’s FDI continued to recover from its pandemic lows. Greenfield projects continued to drive overall investment, but the value of acquisitions almost doubled since 2022. Automotive investment lost steam while data centers, materials, and consumer goods were the top sectors attracting Chinese capital. Investment in overseas manufacturing facilities remains elevated compared to pre-pandemic levels but is trending downward, while China’s exports reached new record highs: Chinese companies may be localizing some of their production through FDI, but China’s globalization approach remains dominated by exports. Completed investment also edged up 14% to $73 billion, hitting the highest level since 2019 as China’s FDI continued to recover from its pandemic lows. Greenfield projects continued to drive overall investment, but the value of acquisitions almost doubled since 2022. Automotive investment lost steam while data centers, materials, and consumer goods were the top sectors attracting Chinese capital. Investment in overseas manufacturing facilities remains elevated compared to pre-pandemic levels but is trending downward, while China’s exports reached new record highs: Chinese companies may be localizing some of their production through FDI, but China’s globalization approach remains dominated by exports.