China’s Overseas Investments, Explained in 10 Graphics

China’s overseas finance is becoming increasingly influential globally. Between 2004 and 2013, China’s overseas investments increased 13.7 times, from $45 billion to $613 billion.¹从2010年开始，两家中国国有银行（中国发展银行（CDB）和中国出口国际银行（中国出口））每年借更多的钱除世界银行以外的其他发展中国家。2014年中国spearheaded金砖国家开发银行，亚洲基础设施投资银行（AIIB）和丝绸之路基金，象征着中国对发展金融的影响力日益增长。

This level of investment can provide needed sources of capital for developing countries in Africa, Asia and Latin America. As China plays a greater role in development finance, it can also embrace the opportunity to manage environmental and social risks associated with these investments.

Here is a look at the evolution of China’s overseas investment:

The Rise of Emerging Economies

1980年，中国，印度，巴西和南非的GDP合计为7200亿美元（占全球GDP的5.5％）。截至2013年，他们代表14万亿美元（19.1 percent of global GDP）。

From Recipient to Investor: Foreign Direct Investment

以前是海外投资的接受者，如中国，印度和巴西等新兴经济体目前正在作为投资者发挥越来越重要的作用。2014年，中国的海外投资，被称为外国直接投资（OFDI），上升14.1％to $102.9 billion, while China’s inward OFDI only rose 1.7 percent to $119.6 billion. At this rate, China’s outbound investments will overtake inward OFDI within the next two years.

Where Is China Sending its Investments?

As reported by China’s Ministry of Commerce (MOFCOM)², China’s OFDI is largely concentrated in Asia (mainly in Hong Kong), although investment has increased significantly in Latin America and Africa over the past five years.

The Final Destinations of China’s OFDI

尽管据报道中国投资集中在亚洲，但中国官方的OFDI统计数据可能无法完全反映中国OFDI的最终目的地。像许多国家的公司一样，一些中国公司最初投资于税务天堂或海上金融中心，那里的税收最少或没有税收，例如香港或开曼群岛³。Then, these companies reinvest this same money in other destinations, such as Africa and Latin America, through their subsidiaries in these offshore financial centers. Official Chinese OFDI only indicates the initial destination of investments. The graphic below illustrates China’s OFDI stock in each region, and also extracts potential flows to OFCs.

例如，许多主要的合并和收购都使用最初流过香港的资金发生。2011年，中国最大的炼油厂中国获得了30％Galp Energia（巴西）的价格为52亿美元香港子公司, Sinopec International Petroleum Exploration and Development Corporation (SIPC)⁴。这笔52亿美元的记录是在香港而不是在巴西的Ofdi记录。

接受中国投资的部门

By the end of 2012, 90 percent of China’s OFDI was invested in six sectors—leasing and business services (33 percent), finance (18 percent), mining (14 percent), wholesale and retail trade (13 percent), transportation and storage (6 percent) and manufacturing (6 percent)⁵。但是，这可能无法反映整个故事。租赁和商业服务的一部分投资（33％）were set upas investment and asset management subsidiaries in OFCs, so these investments could have been reinvested in other industries. Meanwhile, domestically, the majority of China’s loans were invested in the manufacturing sector, as China accounted for 22.4 percent of world manufacturing in 2012, the largest in the world⁶。

China Goes Global: Bank Lending

作为中国的一部分“Go Global” strategy为了鼓励中国公司在海外投资，政府动员了国有银行，大部分中国出口和CDB，以促进现代的资本流动。这些银行越来越多地支持中国公司的海外投资，以及外国公司的合并和收购。中国公司现在获得80-90％of their funding from Chinese banks.

区域聚光灯：中国在非洲的存在

China’s OFDI in Africa is accelerating rapidly, increasing from $1 billion in 2004 to $24.5 billion in 2013⁷。

A large amount of the investments去采掘业，例如采矿和油提取。

China’s OFDI Stock in Africa

By the end of 2013, 4 percent of China’s OFDI stock, or $26.2 billion, was in Africa. By 2013, the top eight recipients accounted for 61 percent of China’s OFDI stock in Africa, with South Africa alone receiving 22 percent of China’s OFDI in Africa⁸。

---

• LEARN MORE: WRI’s Sustainable Finance program continues to explore this issue. For more information, please see我们的幻灯片甲板about Chinese development finance.

来源

1. 2013 Annual reports from various MDBs, NDBs and ECAs.

2. 中国金融和银行业协会。（2014）。2013年中国金融和银行年鉴。中国北京：中国金融出版社

3. 国际货币基金。（2014）。世界经济前景数据库2014年10月版[数据文件]。可从https://www.imf.org/external/pubs/ft/weo/2014/02/weodata/index.aspx获得

4. 中华人民共和国商务部，中华人民共和国国家统计局，国家外汇管理局。（2014）。2013年中国外国直接投资的统计公告。中国北京：中国统计出版社。

5. The World Bank Group. (2014). World Development Indicators [Data file]. Available from https://data.worldbank.org/indicator/

6. 联合国贸易与发展会议。（2014）。Unctadstat。[数据文件]。可从https://unctadstat.unctad.org/wds/reportfolders/reportfolders.aspx?scs_chosenlang=en获得