Guess Who Is Pocketing Billions from Beijing?

Indonesia’s Deputy Minister for Investment Promotion, Nurul Ichwan, recently said that the country would be open to any foreign investments from China. While Ichwan stated that Indonesia would be open to investments in a variety of sectors, the country is specifically interested in Chinese investment in natural resources. Indonesian officials believe that China has the potential to advance Indonesia’s technological capabilities. Indonesia is also looking for funding to help advance its mission of becoming more green and eco-friendly, and improving its infrastructure. At this point in time, China already serves as Indonesia’s second largest investor — though, as you’ll see on this list, Indonesia is not at the top of where China is sending its money. (Outside of finances, China is also seen and known as a military powerhouse — here are China’s five biggest military advantages.)

China has vested financial interests in numerous countries across the globe. To identify which countries China invests in the most, 24/7 Wall St. used AidData’s Global Chinese Development Finance Dataset, courtesy of the College of William and Mary. Based on projects funded by the Chinese government from 2000-2021, this article ranks countries according to the inflation-adjusted value of all projects backed by Chinese loans. 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. 24/7 Wall St. also utilized data on Chinese foreign investments from the American Enterprise Institute (AEI), which provides more depth into Chinese construction projects and investments between 2000-2023.

Why We Needed to Cover this Issue

China has been, and continues to be, significantly influential economically. The country accounts for an estimated 21% of growth in world GDP through 2029. China invests in other countries for strategic reasons. These investments allow China to gain access to necessary resources and supplies, gain political power, and acquire cutting-edge technologies from other countries. If you’re interested in world economics, you cannot have a clear view of what is going on without understanding where China’s foreign investments land.

Here are the 40 countries that China loves investing in:

40. Mozambique

Cumulative investment from China since 2000: $6.1 billion
Chinese investment per person: $185.01
Main investment area: Energy (comprising approximately 42% of funding)
Major undertaking: China Eximbank pledged $3.45 billion for the Mpanda Nkuwa Hydroelectric Power Plant Project.

39. Oman

Cumulative investment from China since 2000: $7.1 billion
Chinese investment per person: $1,551.57
Main investment area: General Budget Support (comprising approximately 80% of funding)
Major undertaking: Bank of Communications, CDB, BoC, and ICBC provided $3.2 billion to syndicated bullet loan to support Oman’s 2017 fiscal deficit.

38. Papua New Guinea

Cumulative investment from China since 2000: $7.2 billion
Chinese investment per person: $685.71
Main investment area: Industry, Mining, Construction (comprising approximately 58% of funding)
Major undertaking: China Eximbank gave $1.3 billion loan in 2009 for PNG Liquefied Natural Gas.

37. Cuba

Cumulative investment from China since 2000: $7.8 billion
Chinese investment per person: $695.80
Main investment area: Action Relating to Debt (comprising approximately 45% of funding)
Major undertaking: Chinese Government lends $2.83 billion of debt forgiveness in 2016.

36. Congo-Brazzaville

Congo | Bridge of Corniche in haze at sunset in Brazzaville.

Cumulative investment from China since 2000: $7.8 billion
Chinese investment per person: $1,306.53
Main investment area: Transport and Storage (comprising approximately 45% of funding)
Major undertaking: CMEC gave $551.5 million supplier’s credit to Power Transmission Network Associated with the 2005 Imboulou Hydropower Plant Project.

35. Cameroon

Cumulative investment from China since 2000: $9.0 billion
Chinese investment per person: $322.46
Main investment area: Transport and Storage (comprising approximately 38% of funding)
Major undertaking: China Eximbank put $678.3 million toward 2015 buyer’s credit loan for Project to Supply Potable Water via the River Sanaga.

34. Equatorial Guinea

Cumulative investment from China since 2000: $9.3 billion
Chinese investment per person: $5,850.74
Main investment area: Industry, Mining, Construction (comprising approximately 12.0% of funding)
Major undertaking: China Eximbank gave $2 billion oil-backed buyer’s credit loan facility for 2006 infrastructure projects.

33. Democratic People’s Republic of Korea

Cumulative investment from China since 2000: $9.8 billion
Chinese investment per person: $375.99
Main investment area: Energy (comprising approximately 80% of funding)
Major undertaking: Chinese Government donated 500,000 tons of crude oil in 2008.

32. Ghana

Cumulative investment from China since 2000: $10.4 billion
Chinese investment per person: $310.63
Main investment area: Energy (comprising approximately 58.7% of funding)
Major undertaking: The Export-Import Bank of China spent hundreds of millions on a green energy initiative.

31. India

Cumulative investment from China since 2000: $10.7 billion
Chinese investment per person: $7.55
Main investment area: Communications (comprising approximately 57% of funding)
Major undertaking: CDB supplied a $1.33 billion loan for 2011 Reliance Communications.

30. Belarus

Cumulative investment from China since 2000: $11.7 billion
Chinese investment per person: $1,267.88
Main investment area: Industry, Mining, Construction (comprising approximately 47% of funding)
Major undertaking: China Development Bank allowed $1.4 billion buyer’s credit loan for the 2016 Slavkaliy Potash Mine and Processing Plant Construction Project.

29. Turkmenistan

Cumulative investment from China since 2000: $12.3 billion
Chinese investment per person: $1,912.61
Main investment area: Industry, Mining, Construction (comprising approximately 94% of funding)
Major undertaking: China Development Bank provided a $4.1 billion loan to the 2013 Galkynysh Gas Field Phase II Project.

28. Kenya

Cumulative investment from China since 2000: $13.2 billion
Chinese investment per person: $244.30
Main investment area: Transport and Storage (comprising approximately 64% of funding)
Major undertaking: China Eximbank provided a $2.003 billion buyer’s credit loan for Phase 1 of 2014 Standard Gauge Railway Project.

27. Democratic Republic of Congo (DRC)

Cumulative investment from China since 2000: $13.7 billion
Chinese investment per person: $138.36
Main investment area: Transport and Storage (comprising approximately 45% of funding)
Major undertaking: China Eximbank gave $2.0299 billion loan two phases of a 2008 Sicomines Copper and Cobalt Mining Project.

26. Zambia

Cumulative investment from China since 2000: $14.0 billion
Chinese investment per person: $699.30
Main investment area: Energy (comprising approximately 37% of funding)
Major undertaking: China Eximbank and ICBC contributed $1.53 billion USD syndicated loan for 2017 750MW Kafue Gorge Lower Hydro Power Plant Construction Project.

25. Myanmar

Cumulative investment from China since 2000: $14.5 billion
Chinese investment per person: $267.62
Main investment area: Industry, Mining, Construction (comprising approximately 56% of funding)
Major undertaking: CDB gave $1.04 billion for Phases 2, 2A, and 3 of the 2010 Myingyan No. 1 Steel Mill Construction Project. China also rescheduled several loans worth $129.9 million in 2021.

24. Nigeria

Cumulative investment from China since 2000: $14.7 billion
Chinese investment per person: $67.27
Main investment area: Transport and Storage (comprising approximately 47% of funding)
Major undertaking: China Eximbank loaned $1.267 billion preferential buyer’s credit for the second phase of 2017 project.

23. Malaysia

Cumulative investment from China since 2000: $16.0 billion
Chinese investment per person: $471.42
Main investment area: Transport and Storage (comprising approximately 55% of funding)
Major undertaking: China Eximbank lended RM 39.1 billion preferential buyer’s credit for Phase 1 of 2016 East Coast Rail Link.

22. Peru

Cumulative investment from China since 2000: $17.1 billion
Chinese investment per person: $502.20
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.

21. Iraq

Cumulative investment from China since 2000: $17.2 billion
Chinese investment per person: $386.51
Main investment area: Action Relating to Debt (comprising approximately 99% of funding)
Major undertaking: The Chinese government relieved $6.7 billion USD of Iraq’s outstanding debt obligations in 2010.

20. Cambodia

Cumulative investment from China since 2000: $17.7 billion
Chinese investment per person: $1,055.45
Main investment area: Transport and Storage (comprising approximately 35% of funding)
Major undertaking: Bank of China, CDB, and ICBC contributed a $781 million debt financing package for the 2013 400MW Lower Sesan II Hydropower Plant Project.

19. Uzbekistan

Cumulative investment from China since 2000: $18.2 billion
Chinese investment per person: $510.52
Main investment area: Industry, Mining, Construction (comprising approximately 46% of funding)
Major undertaking: China Development Bank provided a $1.2 billion USD loan to Uzbekneftegaz for the Oltin Yo’l gas-to-liquid of 2017.

18. Sudan

Cumulative investment from China since 2000: $18.9 billion
Chinese investment per person: $403.24
Main investment area: Energy (comprised 39% of funding)
Major undertaking: China Eximbank provides $1.098 billion USD buyer’s credit loan for 2007 Khartoum-Port Sudan Railway Construction Project.

17. Bangladesh

Cumulative investment from China since 2000: $20.8 billion
Chinese investment per person: $121.49
Main investment area: Energy (comprising approximately 58% of funding)
Major undertaking: China Eximbank provides $1.984 billion for Phase 1 of 2016 1320MW Payra Coal-Fired Thermal Power Plant Project

16. Sri Lanka

Cumulative investment from China since 2000: $20.5 billion
Chinese investment per person: $924.25
Main investment area: Transport and Storage (comprised 62% of funding)
Major undertaking: CBSL made a RMB 10 billion drawdown under a currency swap agreement with PBOC in 2021.

15. South Africa

Cumulative investment from China since 2000: $21.3 billion
Chinese investment per person: $355.65
Main investment area: Energy (comprised 40% of funding)
Major undertaking: Huarong Energy Africa contributed $2 billion loan to Eskom’s 2017 power plant upgrades.

14. Laos

Cumulative investment from China since 2000: $21.3 billion
Chinese investment per person: $2,829.06
Main investment area: Energy (comprised 57% of funding)
Major undertaking: China Eximbank gives $3.54 billion of debt financing for 2016 China-Laos Railway Project.

13. Ethiopia

Cumulative investment from China since 2000: $21.4 billion
Chinese investment per person: $173.41
Main investment area: Transport and Storage (comprised 33% of funding)
Major undertaking: CDB lended $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.

12. Ecuador

Cumulative investment from China since 2000: $26.6 billion
Chinese investment per person: $1,477.77
Main investment area: Energy (comprised 33% of funding)
Major undertaking: China Eximbank contributed $1.68 billion buyer’s credit loan for 2010 Coca Codo Sinclair Hydroelectric Facility Project.

11. Iran

Cumulative investment from China since 2000: $28 billion
Chinese investment per person: $316.20
Main investment area: Transport and Storage (comprised 39% of funding)
Major undertaking: China Eximbank gives $1.818 billion loan for Phase 2 of 2017 Abadan Refinery Upgrade Project.

10. Turkey

Cumulative investment from China since 2000: $28.3 billion
Chinese investment per person: $333.01
Main investment area: Communications (comprising approximately 30% of funding)
Major undertaking: China Eximbank gave $720 million of debt financing for the second phase of the 2007 Ankara-Istanbul High Speed Rail Project. CDB also made a $200 million loan to the Development Bank of Turkey in 2021.

9. Vietnam

Cumulative investment from China since 2000: $28.9 billion
Chinese investment per person: $294.32
Main investment area: Energy (comprising 84% of funding)
Major undertaking: ICBC, BoC, CDB, CCB, and BoComm provided $2 billion syndicated buyer’s credit loan for 2016 1980MW Vinh Tan 3 Coal-Fired Power Plant Construction Project.

8. Argentina

Cumulative investment from China since 2000: $37.8 billion
Chinese investment per person: $817.65
Main investment area: Energy (comprising approximately 68% of funding)
Major undertaking: China Development Bank lended $2.49 billion to $4.71 billion syndicated loan for the 2014 Nestor Kichner and Jorge Cepernic Hydroelectric Dam Construction Project.

7. Brazil

Cumulative investment from China since 2000: $54.3 billion
Chinese investment per person: $200.36
Main investment area: Industry, Mining, Construction (comprised 55% of funding)
Major undertaking: CDB provided $10 billion line of credit for 2009 oil exploration in the Santos Basin.

6. Indonesia

Cumulative investment from China since 2000: $55.2 billion
Chinese investment per person: $145.75
Main investment area: Energy (comprised 46% of funding)
Major undertaking: China Development Bank provided a $2.3805 billion loan tranche for the 2017 Jakarta-Bandung High Speed Rail Project. In 2021, the Bank of China also contributed $90 million to a $545 million syndicated loan for Phase 1 of the Indian Lithium Project.

5. Kazakhstan

Cumulative investment from China since 2000: $64.1 billion
Chinese investment per person: $3,267.07
Main investment area: Industry, Mining, Construction (comprising 72% of funding)
Major undertaking: China Development Bank and Bank of China provided a $7.5 billion USD syndicated loan for the 2008 Kazakhstani Section of Line A and B of the Turkmenistan-China Gas Pipeline.

4. Angola

Cumulative investment from China since 2000: $65.1 billion
Chinese investment per person: $1,829.56
Main investment area: Energy (comprised 43% of funding)
Major undertaking: China Development Bank gave $10 billion to Government of Angola in 2016 to recapitalize Sonangol and prepay outstanding debts.

3. Pakistan

Cumulative investment from China since 2000: $70.3 billion
Chinese investment per person: $298.13
Main investment area: Energy (comprising 60% of funding)
Major undertaking: The CCB and ICCB contributed a $1.54 billion syndicated loan for the Azad Pattan Hydropower Plant Construction Project.

2. Venezuela

Cumulative investment from China since 2000: $112.9 billion
Chinese investment per person: $3,989.39
Main investment area: Industry, Mining, Construction (comprising 20% of funding)
Major undertaking: China-Venezuela Joint Fund $20.3 Billion Long-Term Facility – 70 Billion RMB CDB Loan in 2010.

1. Russia

Cumulative investment from China since 2000: $169.3 billion
Chinese investment per person: $1,174.06
Main investment area: Industry, Mining, Construction (comprising 82% of funding)
Major undertaking: CNPC contributed a $33 billion loan via oil prepayment facility to Rosneft for unspecified purposes in 2013. In 2021, China Petroleum and Chemical also invested $360 million.

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