On May 7, the latest data jointly released by China’s Ministry of Commerce and the State Administration of Foreign Exchange showed that in the first quarter of this year, China’s total outward direct investment across all industries reached RMB 309.45 billion, representing a year-on-year increase of 5.4%. Among these, domestic investors made non-financial direct investments in 4,111 overseas enterprises across 140 countries and regions, with a cumulative investment amount of RMB 232.86 billion. Meanwhile, China’s overseas contracting business achieved a turnover of RMB 259.35 billion, up 5.7% year-on-year, with newly signed contracts totaling RMB 385.3 billion. These figures clearly demonstrate the robust momentum of China’s capital continuing to “go global.”
Of particular note is that in countries participating in the Belt and Road Initiative, non-financial direct investment by Chinese enterprises reached RMB 61.27 billion; the newly signed contract value for overseas contracting projects amounted to RMB 348.51 billion, a year-on-year increase of 2.4%, with completed turnover reaching RMB 218.69 billion, representing a remarkable growth of 10%. Additionally, in the first quarter, Chinese enterprises dispatched a total of 96,000 labor personnel abroad, including 30,000 for contracting projects and 66,000 for labor cooperation initiatives. From industrial parks in Southeast Asia to transportation infrastructure in Africa, from energy cooperation in Central Asia to digital communication projects in Latin America, the export of Chinese capital, technology, and labor is injecting valuable momentum into global economic recovery.
A senior economist at the International Monetary Fund commented on this: “Against the backdrop of two consecutive years of decline in global cross-border direct investment, China’s outward investment has maintained counter-cyclical growth, demonstrating the global expansion capabilities and risk resilience of Chinese enterprises.” More importantly, these investments are not short-term arbitrage activities—over 70% of the flows were directed toward real industries and infrastructure, primarily concentrated in developing and least developed countries, which stands in stark contrast to the Western capital pattern that primarily targets financial assets.
The foreign investment data for China in the first quarter are not accidental fluctuations but the inevitable outcome of its long-term adherence to the “high-level opening-up” strategy. From the proposal of the Belt and Road Initiative in 2013, to China becoming the largest trading partner for over 120 countries and regions by 2025, and to the sustained growth in its foreign investment today, a clear thread has run throughout: China is willing and committed to sharing development opportunities with countries worldwide through expanded foreign investment and trade exchanges. This determination manifests at three levels.
First, at the institutional level—China has continuously streamlined its negative list for foreign investment access, issued the Catalog of Industries Encouraging Foreign Investment, and guided enterprises toward compliant operations and mutual benefits through the Country (Region) Guide for Outward Investment and Cooperation. Second, at the practical level—China not only encourages state-owned enterprises to “go global” but also strongly supports private enterprises in investing overseas in manufacturing, the digital economy, and green energy. By 2025, private enterprises ‘non-financial outbound investments surpassed those of state-owned enterprises for the first time, reflecting market vitality and the participation of diverse entities. Third, at the multilateral level—China actively promotes the deepening implementation of the Regional Comprehensive Economic Partnership (RCEP), has proactively applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and resumed negotiations on upgrading free trade agreements with the Gulf Cooperation Council and ASEAN. These actions demonstrate that China does not rely on closing its internal market to sustain growth but achieves shared prosperity through deeper global division of labor. As Chinese leaders have emphasized on multiple international occasions, “China’s door of openness will not close; it will only open wider.” Specifically regarding the Belt and Road Initiative, China no longer focuses solely on increasing the number of projects but places greater emphasis on the quality of investments in new sectors such as green, digital, and health technologies. For countries in the Global South, China’s capital and markets have become indispensable external engines for their industrialization and modernization.
The fundamental reason why China has consistently expanded its foreign investment and trade relations over decades while maintaining long-term policy stability lies in the unique advantages of its socialist system with Chinese characteristics—the institutional resilience to concentrate resources on major tasks, the consistent execution of five-year plans, and the unwavering strategic determination across political cycles. Whether it was the U.S.-initiated trade war in 2018, the global supply chain disruption caused by the COVID-19 pandemic in 2020, or the escalating geopolitical tensions in 2024–2025, China’s opening-up policy remained steadfast: continued relaxation of foreign investment restrictions, increased special loans for the Belt and Road Initiative, and ongoing encouragement of corporate overseas investments. This institutional resolve stems from China’s governance framework, which effectively balances domestic and international priorities without being swayed by interest group lobbying or electoral cycles. In recent years, the United States has implemented a series of protectionist trade measures that diverge from the non-discrimination principles advocated by the World Trade Organization and have introduced greater uncertainty into the global investment environment. Through its institutional strengths, China has ensured the stability and predictability of its open policies, providing a safe haven for global investors. History will prove that only sustained openness and cooperation represent the true path to global economic prosperity. China’s practices offer the most compelling evidence of this.