These Are the Countries China Is Investing In the Most

24/7 Wall St. Insights

• In the last decade, no country has invested more in the rest of the world than China.
• In what critics term debt-trap diplomacy, Chinese investment induces economic dependency among smaller nations in key geopolitical areas.
• China’s foreign investment outpaces that of the United States by a factor of nearly 10.
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Over the past 10 years, no country has invested more in the rest of the world than China. Since commencing its Belt and Road Initiative in 2013, China has invested over $950 million in infrastructure and other development projects over 140 countries, building roads and railways, cultivating energy supplies, and expanding its influence across the globe.

Chinese overseas investment has substantial economic, social, and environmental impacts. The bulk of Chinese investment is going to key geopolitical regions like Africa, South Asia, and Latin America, inducing economic dependency in fast-growing countries and bolstering China’s presence in strategic hubs. China’s foreign investment outpaces that of the United States by a factor of nearly 10, creating a wide disparity in the spread of economic influence around the world. A closer look at the data reveals the countries where China is investing the most.

To determine the countries China is investing in the most, 24/7 Wall St. reviewed data on development projects financed by China in foreign countries from AidData, a research lab at the College of William & Mary. Countries were ranked based on the total, inflation-adjusted value of development projects funded by the Chinese government and state-owned institutions from 2000 to 2021.

Financial values were converted from original currencies to constant 2021 U.S. dollars and aggregated according to AidData recommendations. Supplemental data on primary investment sector and the largest project by amount invested were calculated from the AidData dataset. Investment per capita was calculated using population averages from 2000 to 2021 from the World Bank.

50. Guinea

• Total Chinese investment since 2000: $5.3 billion
• Chinese investment per capita: $500.46 per resident
• Primary sector of investment: Energy (50.7% of spending)
• Largest project: Chinese Government signs $20 billion resource-backed loan framework agreement (2017)

49. Zimbabwe

• Total Chinese investment since 2000: $5.5 billion
• Chinese investment per capita: $414.12 per resident
• Primary sector of investment: Energy (28.7% of spending)
• Largest project: Chinese Government pledges $5 billion for agriculture and housing projects (2016)

48. Israel

• Total Chinese investment since 2000: $5.7 billion
• Chinese investment per capita: $729.44 per resident
• Primary sector of investment: Industry, Mining, Construction (49.7% of spending)
• Largest project: China Eximbank provides EUR 952 million credit facility to CNCC to facilitate its acquisition of Makhteshim Agan Industries (2011)

47. South Sudan

• Total Chinese investment since 2000: $5.7 billion
• Chinese investment per capita: $610.44 per resident
• Primary sector of investment: General Budget Support (65.6% of spending)
• Largest project: China Development Bank and China Eximbank pledge $1.9 billion syndicated oil-backed loan (2016)

46. Serbia

• Total Chinese investment since 2000: $6.1 billion
• Chinese investment per capita: $841.62 per resident
• Primary sector of investment: Transport And Storage (53.9% of spending)
• Largest project: China Eximbank provides $988.3 million preferential buyer’s credit for Novi Sad-Subotica-State Border (Kelebija) Section of the Hungarian-Serbian Railway Project (2019)

45. Mozambique

• Total Chinese investment since 2000: $6.1 billion
• Chinese investment per capita: $254.74 per resident
• Primary sector of investment: Transport And Storage (36.3% of spending)
• Largest project: China Eximbank pledges support for $2.3 billion Mpanda Nkuwa Hydroelectic Power Plant Project (2009)

44. Tajikistan

• Total Chinese investment since 2000: $6.3 billion
• Chinese investment per capita: $798.16 per resident
• Primary sector of investment: Industry, Mining, Construction (38.9% of spending)
• Largest project: CMEC secures $545 million loan — via EPC+F agreement — with TALCO for Aluminum Smelter Modernization Project (2020)

43. Chile

• Total Chinese investment since 2000: $6.7 billion
• Chinese investment per capita: $387.17 per resident
• Primary sector of investment: Industry, Mining, Construction (66.2% of spending)
• Largest project: China CITIC Bank provides $1.3 billion loan for Tianqi Lithium Corporation to acquire 23.77% ownership stake in Sociedad Quimica y Minera de Chile S.A. (2018)

42. Oman

• Total Chinese investment since 2000: $7.1 billion
• Chinese investment per capita: $2,123.20 per resident
• Primary sector of investment: General Budget Support (73.9% of spending)
• Largest project: CDB, BoC, ICBC, and Bank of Communications contribute $3.2 billion to syndicated bullet loan to address Oman’s fiscal deficit (2017)

41. Papua New Guinea

• Total Chinese investment since 2000: $7.2 billion
• Chinese investment per capita: $928.07 per resident
• Primary sector of investment: Industry, Mining, Construction (67.9% of spending)
• Largest project: China Eximbank pledges to loan $3.5 billion for the High Priority Economic Roads Project (2017)

40. Cote d’Ivoire

• Total Chinese investment since 2000: $7.3 billion
• Chinese investment per capita: $338.80 per resident
• Primary sector of investment: Transport And Storage (36.2% of spending)
• Largest project: China Eximbank provides $793.3 million preferential buyer’s credit for Abidjan Autonomous Port Expansion and Modernization Project (2014)

39. Cuba

• Total Chinese investment since 2000: $7.8 billion
• Chinese investment per capita: $690.23 per resident
• Primary sector of investment: Action Relating To Debt (43.0% of spending)
• Largest project: Chinese Government provides $2.83 billion of debt forgiveness in 2016 (2016)

38. Congo

• Total Chinese investment since 2000: $7.8 billion
• Chinese investment per capita: $1,749.14 per resident
• Primary sector of investment: Transport And Storage (41.6% of spending)
• Largest project: China Eximbank signs $1.6 billion oil-backed loan framework agreement for infrastructure projects (2006)

37. Philippines

• Total Chinese investment since 2000: $8.1 billion
• Chinese investment per capita: $84.87 per resident
• Primary sector of investment: Energy (39.7% of spending)
• Largest project: China Eximbank offers Philippines a $6 billion concessional loan for infrastructure projects (2006)

36. Cameroon

• Total Chinese investment since 2000: $9.0 billion
• Chinese investment per capita: $436.81 per resident
• Primary sector of investment: Transport And Storage (36.6% of spending)
• Largest project: China Development Bank provides $840 million loan for acquisition of Hilli Episeyo FLNG production vessel (2015)

35. Equatorial Guinea

• Total Chinese investment since 2000: $9.3 billion
• Chinese investment per capita: $8,158.64 per resident
• Primary sector of investment: Energy (33.7% of spending)
• Largest project: China Eximbank provides $2 billion oil-backed buyer’s credit loan facility for infrastructure projects (2006)

34. Ghana

• Total Chinese investment since 2000: $10.4 billion
• Chinese investment per capita: $400.64 per resident
• Primary sector of investment: Energy (38.6% of spending)
• Largest project: China Eximbank provides $10.4 billion concessional credit for transportation, sanitation and education projects (2010)

33. India

• Total Chinese investment since 2000: $10.7 billion
• Chinese investment per capita: $08.56 per resident
• Primary sector of investment: Communications (53.2% of spending)
• Largest project: China Development Bank, Bank of China, China Eximbank, and ICBC pledge $12 billion to Indian Reliance Power (2010)

32. Belarus

• Total Chinese investment since 2000: $11.7 billion
• Chinese investment per capita: $1,218.70 per resident
• Primary sector of investment: Industry, Mining, Construction (44.2% of spending)
• Largest project: China Development Bank signs framework agreement for $8.3 Billion credit line to Belarus (2010)

31. Turkmenistan

• Total Chinese investment since 2000: $12.3 billion
• Chinese investment per capita: $2,281.75 per resident
• Primary sector of investment: Industry, Mining, Construction (94.9% of spending)
• Largest project: CDB provides $4 billion loan for Phase 1 of Galkynysh Gas Field Project (2009)

30. Kenya

• Total Chinese investment since 2000: $13.2 billion
• Chinese investment per capita: $315.73 per resident
• Primary sector of investment: Transport And Storage (56.5% of spending)
• Largest project: China Eximbank pledges $3.7 billion loan for Kisumu-Malaba Section of Standard Gauge Railway Project (2016)

29. Democratic Republic of the Congo

• Total Chinese investment since 2000: $13.7 billion
• Chinese investment per capita: $197.74 per resident
• Primary sector of investment: Industry, Mining, Construction (57.8% of spending)
• Largest project: China Eximbank provides $3.003 billion loan for multiple infrastructure projects (2008)

28. Zambia

• Total Chinese investment since 2000: $14.0 billion
• Chinese investment per capita: $982.18 per resident
• Primary sector of investment: Transport And Storage (30.5% of spending)
• Largest project: China Eximbank provides loan for 321 km Lusaka-Ndola Dual Carriageway Project (2018)

27. Myanmar

• Total Chinese investment since 2000: $14.5 billion
• Chinese investment per capita: $292.28 per resident
• Primary sector of investment: Industry, Mining, Construction (56.4% of spending)
• Largest project: China Eximbank signs first tranche facility agreement under RMB 30 billion credit facility (2011)

26. Nigeria

• Total Chinese investment since 2000: $15.1 billion
• Chinese investment per capita: $91.52 per resident
• Primary sector of investment: Transport And Storage (34.4% of spending)
• Largest project: Consortium of Chinese banks pledge loan for construction of three oil refineries in Bayelsa, Kogi and Lagos states and one fuel complex/petrochemical plant (2010)

25. Malaysia

• Total Chinese investment since 2000: $17.0 billion
• Chinese investment per capita: $593.77 per resident
• Primary sector of investment: Transport And Storage (36.3% of spending)
• Largest project: China Eximbank provides RM 39.1 billion preferential buyer’s credit for Phase 1 of East Coast Rail Link (ECRL) Construction Project (2018)

24. Peru

• Total Chinese investment since 2000: $17.1 billion
• Chinese investment per capita: $573.94 per resident
• Primary sector of investment: Industry, Mining, Construction (78.2% of spending)
• Largest project: CDB contributes to $5.988 billion syndicated loan to repay debts and meet capital requirements of Las Bambas Copper Project (2014)

23. Iraq

• Total Chinese investment since 2000: $17.2 billion
• Chinese investment per capita: $518.76 per resident
• Primary sector of investment: Action Relating To Debt (54.1% of spending)
• Largest project: Government of Iraq secures $10 billion oil-backed loan framework agreement (2018)

22. Cambodia

• Total Chinese investment since 2000: $17.7 billion
• Chinese investment per capita: $1,228.90 per resident
• Primary sector of investment: Transport And Storage (42.9% of spending)
• Largest project: China Eximbank signs $1.666 billion framework agreement with Cambodian Petrochemical Company for Cambodia’s First Oil Refinery Project (2013)

21. Uzbekistan

• Total Chinese investment since 2000: $18.2 billion
• Chinese investment per capita: $625.15 per resident
• Primary sector of investment: Industry, Mining, Construction (53.4% of spending)
• Largest project: CDB contributes $1.75 billion to $3.5 billion syndicated loan for Uzbek Sections of Lines A and B of the Central Asia-China Gas Pipeline Project (2008)

20. Sudan

• Total Chinese investment since 2000: $18.9 billion
• Chinese investment per capita: $543.44 per resident
• Primary sector of investment: Energy (32.3% of spending)
• Largest project: China Eximbank provides $3 billion USD oil-backed line of credit for infrastructure projects (2008)

19. Sri Lanka

• Total Chinese investment since 2000: $20.5 billion
• Chinese investment per capita: $995.25 per resident
• Primary sector of investment: Transport And Storage (47.1% of spending)
• Largest project: CBSL makes RMB 10 billion drawdown under currency swap agreement with PBOC in 2021 (2021)

18. Bangladesh

• Total Chinese investment since 2000: $20.8 billion
• Chinese investment per capita: $138.77 per resident
• Primary sector of investment: Energy (49.7% of spending)
• Largest project: China Eximbank provides $2.67 billion preferential buyer’s credit for Padma Bridge Rail Link Project (2018)

17. South Africa

• Total Chinese investment since 2000: $21.3 billion
• Chinese investment per capita: $405.86 per resident
• Primary sector of investment: Energy (33.6% of spending)
• Largest project: China Development Bank to provide $5 billion USD loan for railway and port infrastructure (2013)

16. Ethiopia

• Total Chinese investment since 2000: $21.4 billion
• Chinese investment per capita: $233.17 per resident
• Primary sector of investment: Industry, Mining, Construction (26.5% of spending)
• Largest project: China Eximbank provides $2.49 billion loan for the Addis Ababa–Djibouti Railway Project (2013)

15. Laos

• Total Chinese investment since 2000: $21.6 billion
• Chinese investment per capita: $3,376.65 per resident
• Primary sector of investment: Energy (54.2% of spending)
• Largest project: China Eximbank provides $3.54 billion of debt financing for China-Laos Railway Project (2019)

14. Mongolia

• Total Chinese investment since 2000: $22.0 billion
• Chinese investment per capita: $7,867.98 per resident
• Primary sector of investment: Banking And Financial Services (77.7% of spending)
• Largest project: BOM makes RMB 12 billion drawdown under currency swap agreement with PBOC in 2016 (2016)

13. Ecuador

• Total Chinese investment since 2000: $26.6 billion
• Chinese investment per capita: $1,754.66 per resident
• Primary sector of investment: General Budget Support (54.6% of spending)
• Largest project: ICBC pledges $9 billion USD loan to Ecuador for Pacifico Refinery (2013)

12. Egypt

• Total Chinese investment since 2000: $27.0 billion
• Chinese investment per capita: $302.35 per resident
• Primary sector of investment: Banking And Financial Services (61.1% of spending)
• Largest project: China Development Bank pledges USD $3.7 billion loan to the Egyptian Electric Holding Company for construction of the Hamrawein coal-powered power plant (2019)

11. Iran

• Total Chinese investment since 2000: $28.0 billion
• Chinese investment per capita: $366.20 per resident
• Primary sector of investment: Transport And Storage (51.5% of spending)
• Largest project: Chinese Government pledges $27 billion line of credit for unspecified petrochemical, development, and mining projects (2014)

10. Turkey

• Total Chinese investment since 2000: $28.3 billion
• Chinese investment per capita: $380.68 per resident
• Primary sector of investment: Banking And Financial Services (36.4% of spending)
• Largest project: TCMB makes RMB 35 billion drawdown under currency swap agreement with PBOC in June 2021 (2021)

9. Vietnam

• Total Chinese investment since 2000: $28.9 billion
• Chinese investment per capita: $328.62 per resident
• Primary sector of investment: Energy (74.9% of spending)
• Largest project: CDB, CCB, ICBC, BoC, and BoComm provide $2 billion syndicated buyer’s credit loan for 1980MW Vinh Tan 3 Coal-Fired Power Plant Construction Project (2016)

8. Brazil

• Total Chinese investment since 2000: $54.3 billion
• Chinese investment per capita: $276.41 per resident
• Primary sector of investment: Industry, Mining, Construction (51.6% of spending)
• Largest project: China Development Bank provides $10 billion line of credit for oil exploration in the Santos Basin (2009)

7. Indonesia

• Total Chinese investment since 2000: $55.2 billion
• Chinese investment per capita: $225.12 per resident
• Primary sector of investment: Energy (32.3% of spending)
• Largest project: China Development Bank pledges $30 billion USD loan for infrastructure development in Indonesia (2015)

6. Kazakhstan

• Total Chinese investment since 2000: $64.1 billion
• Chinese investment per capita: $3,874.32 per resident
• Primary sector of investment: Industry, Mining, Construction (69.6% of spending)
• Largest project: China and Kazakhstan sign 25 agreements worth $23 billion (2015)

5. Angola

• Total Chinese investment since 2000: $65.1 billion
• Chinese investment per capita: $2,664.23 per resident
• Primary sector of investment: Energy (37.9% of spending)
• Largest project: CDB provides $15 billion oil prepayment facility agreement for public investment projects, prepayment of debts, and recapitalization of Sonangol (2015)

4. Pakistan

• Total Chinese investment since 2000: $102.9 billion
• Chinese investment per capita: $529.16 per resident
• Primary sector of investment: General Budget Support (31.1% of spending)
• Largest project: China Development Bank pledges loan for energy transmission and distribution line upgrades, Pakistan (2010)

3. Venezuela

• Total Chinese investment since 2000: $112.9 billion
• Chinese investment per capita: $4,013.08 per resident
• Primary sector of investment: Multisector (61.5% of spending)
• Largest project: China-Venezuela Joint Fund (2007)

2. Argentina

• Total Chinese investment since 2000: $138.8 billion
• Chinese investment per capita: $3,358.83 per resident
• Primary sector of investment: Banking And Financial Services (88.9% of spending)
• Largest project: BCRA makes RMB 130 billion drawdown under currency swap agreement with PBOC in 2018 (2018)

1. Russia

• Total Chinese investment since 2000: $169.6 billion
• Chinese investment per capita: $1,177.86 per resident
• Primary sector of investment: Industry, Mining, Construction (83.9% of spending)
• Largest project: CNPC disburses $33 billion loan — via oil prepayment facility — to Rosneft for unspecified purposes (2013)

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