Over the past few decades, China has grown exponentially, developing into an economic powerhouse. In fact, China currently has the second largest economy in the world. In addition to reshaping the global economy, China’s economic ascent has allowed for investment in foreign nations, the most notable being Russia.
China focuses on infrastructure investment and technological advancement, both at home and abroad. Under the BRI (Belt Road Initiative), the country turns toward international trade in an effort to increase its GDP growth. China chooses to invest in a wide range of countries, spanning from Africa to Latin America. The assortment of major infrastructure projects focuses largely on energy and mining. They include pipelines, roads, airports, and schools.
Of the range of countries China invests in, Russia remains the most intriguing. China has provided more money to Russia than any other country, leading to global concern over a deepening partnership between these two large powerhouses. China may be taking advantage of Russia’s valuable natural resources, which are estimated at $75 trillion, according to Statista. Russia may be providing China with coal, natural gas, and oil in exchange for financial backing. Despite the threat of western sanctions, Xi Jinping and Putin continue to deepen their countries’ ties.
24/7 Wall St. used information provided by AidData, courtesy of the College of William and Mary, to determine which countries China invests in the most. Based on projects funded by the Chinese government from 2000-2017, this article ranks countries according to the inflation-adjusted value of all projects backed by Chinese loans.
Why We Are Covering this Issue
Source: 2019 Pool / Getty Images News via Getty Images
As we advance further into the 21st century, China maintains significant economic influence, contributing over 18% to the world’s GDP. In recent years, China has invested heavily in Russia. Though these countries have not always seen eye-to-eye, Westerners worry that the two may be uniting out of a mutual rivalry with the United States. Together, China and Russia continue to challenge U.S.-led sanctions. Though the joint influence of these countries and their military capabilities remains to be seen, it is clear that no view of world economics is complete without a clear understanding of China and its foreign investments.
40. Ghana
Source: Kwame Kwegyir-Addo / iStock via Getty Images
- Cumulative investment from China since 2000: $5.0 billion
- Chinese investment per person: $203.99
- Main investment area: Energy (comprising 52.2% of funding)
- Major undertaking: China Development Bank put $850 million towards a 2012 Western Corridor Gas Infrastructure Project
39. Mozambique
Source: Jennifer Sophie / iStock via Getty Images
- Cumulative investment from China since 2000: $5.1 billion
- Chinese investment per person: $224.61
- Main investment area: Transport and Storage (comprised 38.1% of funding)
- Major undertaking: China Eximbank offered $681.6 million via buyer’s credit loan for Mozambique’s Maputo-Katembe Bridge Construction Project of 2012
38. Oman
Source: Lukas Bischoff / iStock via Getty Images
- Cumulative investment from China since 2000: $5.4 billion
- Chinese investment per person: $1,749.69
- Main investment area: General Budget Support (comprising 84.6% of funding)
- Major undertaking: Bank of Communications, CDB, BoC, and ICBC provide $3.2 billion to syndicated bullet loan to support Oman’s 2017 fiscal deficit
37. Equatorial Guinea
Source: fotocinema / Getty Images
- Cumulative investment from China since 2000: $5.4 billion
- Chinese investment per person: $5,209.13
- Main investment area: Industry, Mining, Construction (comprised 9.4% of funding)
- Major undertaking: China Eximbank gives $2 billion oil-backed buyer’s credit loan facility for 2006 infrastructure projects
36. Cameroon
Source: Raluca Besliu / iStock via Getty Images
- Cumulative investment from China since 2000: $5.8 billion
- Chinese investment per person: $300.34
- Main investment area: Transport and Storage (comprised 34.3% of funding)
- Major undertaking: China Eximbank puts $678.3 million toward 2015 buyer’s credit loan for Project to Supply Potable Water to Yaoundé and its Outskirts via the River Sanaga
35. Papua New Guinea
Source: GenDeschenes / iStock via Getty Images
- Cumulative investment from China since 2000: $6.1 billion
- Chinese investment per person: $838.33
- Main investment area: Industry, Mining, Construction (comprised 54.2% of funding)
- Major undertaking: China Eximbank gives $1.3 billion loan in 2009 for PNG Liquefied Natural Gas
34. Congo
Source: Claudine Silaho Weber-Hilty / iStock via Getty Images
- Cumulative investment from China since 2000: $6.6 billion
- Chinese investment per person: $1,575.94
- Main investment area: Transport and Storage (comprised 42.5% of funding)
- Major undertaking: CMEC gives $551.5 million supplier’s credit to Power Transmission Network Associated with the 2005 Imboulou Hydropower Plant Project
33. Cuba
Source: Daniel Avram / iStock via Getty Images
- Cumulative investment from China since 2000: $6.7 billion
- Chinese investment per capita: $596.05 per resident
- Main investment area: Action Relating to Debt (comprised 43.2% of funding)
- Major undertaking: Chinese Government lends $2.83 billion of debt forgiveness in 2016
32. Turkey
Source: Seqoya / iStock via Getty Images
- Cumulative investment from China since 2000: $6.8 billion
- Chinese investment per person: $94.19
- Main investment area: Communications (comprised 27.2% of funding)
- Major undertaking: China Eximbank gives $720 million of debt financing for the second phase of the 2007 Ankara-Istanbul High Speed Rail Project
31. India
- Cumulative investment from China since 2000: $7.2 billion
- Chinese investment per person: $05.91
- Main investment area: Communications (comprised 54.8% of funding)
- Major undertaking: CDB supplies $1.33 billion loan for 2011 Reliance Communications
30. Democratic People’s Republic of Korea
Source: Friemann / iStock via Getty Images
- Cumulative investment from China since 2000: $7.2 billion
- Chinese investment per person: $287.98
- Main investment area: Energy (comprised 77.3% of funding)
- Major undertaking: Chinese Government donates 500,000 tons of crude oil in 2008
29. Nigeria
- Cumulative investment from China since 2000: $7.5 billion
- Chinese investment per person: $47.91
- Main investment area: Transport and Storage (comprised 44.5% of funding)
- Major undertaking: China Eximbank loans $1.267 billion preferential buyer’s credit for second phase of 2017 project
28. Uzbekistan
Source: Lukas Bischoff / iStock via Getty Images
- Cumulative investment from China since 2000: $7.8 billion
- Chinese investment per person: $277.39
- Main investment area: Industry, Mining, Construction (comprised 44.2% of funding)
- Major undertaking: China Development Bank provides a $1.2 billion USD loan to Uzbekneftegaz for the Oltin Yo’l gas-to-liquid of 2017
27. Democratic Republic of the Congo
Source: Brent Stirton / Getty Images News via Getty Images
- Cumulative investment from China since 2000: $7.9 billion
- Chinese investment per person: $122.00
- Main investment area: Industry, Mining, Construction (comprised 50.5% of funding)
- Major undertaking: China Eximbank gives $2.0299 billion loan two phases of a 2008 Sicomines Copper and Cobalt Mining Project
26. Iraq
- Cumulative investment from China since 2000: $8.2 billion
- Chinese investment per person: $260.71
- Main investment area: Action Relating to Debt (comprised 99.3% of funding)
- Major undertaking: Chinese Government relieves $6.7 billion USD of Iraq’s outstanding debt obligations in 2010
25. Belarus
Source: bruev / iStock via Getty Images
- Cumulative investment from China since 2000: $8.3 billion
- Chinese investment per person: $859.52
- Main investment area: Industry, Mining, Construction (comprised 45.0% of funding)
- Major undertaking: China Development Bank allows $1.4 billion buyer’s credit loan for the 2016 Slavkaliy Potash Mine and Processing Plant Construction Project
24. Zambia
Source: Rawf8 / iStock via Getty Images
- Cumulative investment from China since 2000: $8.6 billion
- Chinese investment per person: $650.28
- Main investment area: Energy (comprised 34.5% of funding)
- Major undertaking: China Eximbank and ICBC contribute $1.53 billion USD syndicated loan for 2017 750MW Kafue Gorge Lower Hydro Power Plant Construction Project
23. Argentina
Source: saiko3p / iStock via Getty Images
- Cumulative investment from China since 2000: $8.8 billion
- Chinese investment per person: $216.43
- Main investment area: Energy (comprised 65.3% of funding)
- Major undertaking: China Development Bank lends $2.49 billion to $4.71 billion syndicated loan for 2014 Nestor Kichner and Jorge Cepernic Hydroelectric Dam Construction Project
22. Turkmenistan
Source: mtcurado / iStock via Getty Images
- Cumulative investment from China since 2000: $9.0 billion
- Chinese investment per person: $1,723.52
- Main investment area: Industry, Mining, Construction (comprised 93.9% of funding)
- Major undertaking: China Development Bank provides $4.1 billion loan to 2013 Galkynysh Gas Field Phase II Project
21. Myanmar
- Cumulative investment from China since 2000: $9.7 billion
- Chinese investment per person: $198.68
- Main investment area: Industry, Mining, Construction (comprised 53.7% of funding)
- Major undertaking: CDB gives $1.04 billion for Phases 2, 2A, and 3 of the 2010 Myingyan No. 1 Steel Mill Construction Project
20. Bangladesh
Source: Ibnul Asaf Jawed Susam / iStock via Getty Images
- Cumulative investment from China since 2000: $9.8 billion
- Chinese investment per person: $67.23
- Main investment area: Energy (comprised 56.3% of funding)
- Major undertaking: China Eximbank provides $1.984 billion for Phase 1 of 2016 1320MW Payra Coal-Fired Thermal Power Plant Project
19. Cambodia
Source: f9photos / iStock via Getty Images
- Cumulative investment from China since 2000: $10.0 billion
- Chinese investment per person: $716.40
- Main investment area: Transport and Storage (comprised 32.7% of funding)
- Major undertaking: Bank of China, CDB, and ICBC contribute $781 million debt financing package for 2013 400MW Lower Sesan II Hydropower Plant Project
18. Kenya
Source: EunikaSopotnicka / iStock via Getty Images
- Cumulative investment from China since 2000: $10.0 billion
- Chinese investment per person: $252.30
- Main investment area: Transport and Storage (comprised 61.6% of funding)
- Major undertaking: China Eximbank gives $2.003 billion buyer’s credit loan for Phase 1 of 2014 Standard Gauge Railway Project
17. Malaysia
Source: f11photo / iStock via Getty Images
- Cumulative investment from China since 2000: $10.1 billion
- Chinese investment per person: $362.96
- Main investment area: Transport and Storage (comprised 52.7% of funding)
- Major undertaking: China Eximbank lends RM 39.1 billion preferential buyer’s credit for Phase 1 of 2016 East Coast Rail Link
16. Peru
Source: MediaProduction / E+ via Getty Images
- Cumulative investment from China since 2000: $10.7 billion
- Chinese investment per person: $368.52
- Main investment area: Industry, Mining, Construction (comprised 93.5% of funding)
- Major undertaking: China Eximbank, Bank of China, CDB, and ICBC provide $5.988 billion syndicated loan toward repaying debts and meeting capital requirements of 2014 Las Bambas Copper Project
15. South Africa
Source: Kierran1 / iStock via Getty Images
- Cumulative investment from China since 2000: $10.7 billion
- Chinese investment per person: $209.15
- Main investment area: Energy (comprised 38.0% of funding)
- Major undertaking: Huarong Energy Africa contributes $2 billion loan to Eskom’s 2017 power plant upgrades
14. Sri Lanka
Source: Shakeel Sha / iStock via Getty Images
- Cumulative investment from China since 2000: $12.2 billion
- Chinese investment per person: $602.20
- Main investment area: Transport and Storage (comprised 59.1% of funding)
- Major undertaking: China Eximbank lends $891 million preferential buyer’s credit for Phase II of the 2009 Puttalam/Norochcholai Coal Power Project
13. Sudan
Source: David Degner / Getty Images News via Getty Images
- Cumulative investment from China since 2000: $13.3 billion
- Chinese investment per person: $407.77
- Main investment area: Energy (comprised 36.6% of funding)
- Major undertaking: China Eximbank provides $1.098 billion USD buyer’s credit loan for 2007 Khartoum-Port Sudan Railway Construction Project
12. Lao People’s Democratic Republic
Source: fightbegin / iStock via Getty Images
- Cumulative investment from China since 2000: $14.5 billion
- Chinese investment per person: $2,343.49
- Main investment area: Energy (comprised 54.6% of funding)
- Major undertaking: China Eximbank gives $3.54 billion of debt financing for 2016 China-Laos Railway Project
11. Ethiopia
Source: HomoCosmicos / iStock via Getty Images
- Cumulative investment from China since 2000: $16.0 billion
- Chinese investment per person: $184.74
- Main investment area: Transport and Storage (comprised 30.2% of funding)
- Major undertaking: CDB lends $1.5 billion seller’s credit to ZTE for on-lending to Ethiopian Telecommunications Corporation as supplier credit for first three phases of 2007 telecommunications infrastructure project
10. Ecuador
Source: AlanFalcony / iStock via Getty Images
- Cumulative investment from China since 2000: $16.9 billion
- Chinese investment per person: $1,158.16
- Main investment area: Energy (comprised 30.2% of funding)
- Major undertaking: China Eximbank contributes $1.68 billion buyer’s credit loan for 2010 Coca Codo Sinclair Hydroelectric Facility Project
9. Iran
Source: BornaMir / iStock via Getty Images
- Cumulative investment from China since 2000: $17.1 billion
- Chinese investment per person: $230.46
- Main investment area: Transport and Storage (comprised 36.2% of funding)
- Major undertaking: China Eximbank gives $1.818 billion loan for Phase 2 of 2017 Abadan Refinery Upgrade Project
8. Viet Nam
Source: Wysiati / iStock via Getty Images
- Cumulative investment from China since 2000: $18.5 billion
- Chinese investment per person: $214.01
- Main investment area: Energy (comprised 81.5% of funding)
- Major undertaking: ICBC, BoC, CDB, CCB, and BoComm provide $2 billion syndicated buyer’s credit loan for 2016 1980MW Vinh Tan 3 Coal-Fired Power Plant Construction Project
7. Pakistan
Source: Ghulam Hussain / iStock via Getty Images
- Cumulative investment from China since 2000: $34.6 billion
- Chinese investment per person: $184.81
- Main investment area: Energy (comprised 57.5% of funding)
- Major undertaking: China Eximbank gives $4.001 billion preferential buyer’s credit for Units 2 and 3 of the 2014 Karachi Nuclear Power Plant
6. Indonesia
Source: nala_rinaldo / RooM via Getty Images
- Cumulative investment from China since 2000: $34.9 billion
- Chinese investment per person: $145.75
- Main investment area: Energy (comprised 43.7% of funding)
- Major undertaking: China Development Bank provides $2.3805 billion loan tranche for the 2017 Jakarta-Bandung High Speed Rail Project
5. Brazil
Source: microgen / iStock via Getty Images
- Cumulative investment from China since 2000: $41.5 billion
- Chinese investment per person: $214.66
- Main investment area: Industry, Mining, Construction (comprised 53.2% of funding)
- Major undertaking: CDB gives $10 billion line of credit for 2009 oil exploration in the Santos Basin
4. Kazakhstan
Source: janetheone / iStock via Getty Images
- Cumulative investment from China since 2000: $42.3 billion
- Chinese investment per person: $2,629.68
- Main investment area: Industry, Mining, Construction (comprised 69.6% of funding)
- Major undertaking: China Development Bank and Bank of China provide a $7.5 billion USD syndicated loan for the 2008 Kazakhstani Section of Line A and B of the Turkmenistan-China Gas Pipeline
3. Angola
Source: AdemarRangel / iStock via Getty Images
- Cumulative investment from China since 2000: $52.7 billion
- Chinese investment per person: $2,337.61
- Main investment area: Energy (comprised 40.5% of funding)
- Major undertaking: China Development Bank gives $10 billion to Government of Angola in 2016 to recapitalize Sonangol and prepay outstanding debts
2. Venezuela
Source: DouglasOlivares / iStock via Getty Images
- Cumulative investment from China since 2000: $91.1 billion
- Chinese investment per person: $3,256.99
- Main investment area: Industry, Mining, Construction (comprised 17.7% of funding)
- Major undertaking: China-Venezuela Joint Fund $20.3 Billion Long-Term Facility – 70 Billion RMB CDB Loan in 2010
1. Russia
Source: Mlenny / E+ via Getty Images
- Cumulative investment from China since 2000: $125.4 billion
- Chinese investment per person: $871.08
- Main investment area: Industry, Mining, Construction (comprised 79.2% of funding)
- Major undertaking: CNPC contributes $33 billion loan via oil prepayment facility to Rosneft for unspecified purposes in 2013
Methodology
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 2017.
Financial values were converted from original currencies to constant 2017 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 2017 from the World Bank.
By providing your email address, you agree to receive communications from us regarding website updates and other offerings that may be of interest to you.
You have the option to opt-out of these emails at any moment. For more information, please review our Disclaimer and Terms of Use.
You have the option to opt-out of these emails at any moment. For more information, please review our Disclaimer and Terms of Use.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
