China's 2024 overseas newly signed contracts hit record with green projects surging 12.7%

China achieved stable growth in outbound investment in 2024, with a notable increase in international green infrastructure collaboration. New contracts for energy-efficient, environmental protection, and clean energy initiatives rose by 12.7 percent, according to data released by the Ministry of Commerce (MOFCOM) on Sunday.

China's overseas contracted projects hit a record high in 2024, as newly signed contracts totaled $267.3 billion, marking a 1.1 percent year-on-year growth, MOFCOM data showed.

Green infrastructure cooperation stood out as a key highlight, with new contracts for energy-saving, environmental protection, and clean energy projects rising 12.7 percent to $49.26 billion.

Over the past year, investment in countries participating in the Belt and Road Initiative (BRI) also recorded stable growth. In 2024, Chinese enterprises directed $33.69 billion into non-financial projects in BRI partner countries, reflecting a 5.4 percent year-on-year increase.

"The ongoing deepening of practical collaboration with countries participating the BRI has played a key role in advancing the high-quality development of the initiative," a MOFCOM official said in a statement issued on the ministry's website.

China has intensified efforts to focus on sustainable and high-quality outbound investments while broadening its global economic reach in recent years, analysts said.

The country has collaborated with over 100 countries and regions on green energy projects and launched a number of key projects and some "small yet smart" projects that effectively address the accessibility and affordability of power supply in those areas, and provided them with clean, safe and reliable energy supply solutions, said a white paper issued in August 2024 by China's State Council Information Office, per a Xinhua report.

Overall, China's non-financial outbound direct investment (ODI) rose by 10.5 percent year-on-year to $143.85 billion in the past year, according to the MOFCOM.

Investment in ASEAN countries grew particularly fast, increasing by 12.6 percent compared to 2023, with significant inflows into Singapore, Indonesia, and Thailand and other regional economies.

By sector, the majority of investments flowed into leasing and business services, manufacturing, and wholesale and retail trade, official data revealed.

China's overseas labor services experienced a strong recovery last year, with 409,000 workers dispatched abroad, representing a 17.9 percent increase from the previous year. Most of these workers were employed across construction, transportation, warehousing, and postal services, playing a crucial role in securing employment and promoting all-around rural revitalization.