三大高增长行业出海图鉴：中国对外投资新势力（中英双语） | 乾成国际

In 2024, China’s outbound foreign direct investment (OFDI) flows reached US$192.2 billion, representing a year-over-year increase of 8.4%and ranking among the world’s top three for the 13th consecutive year. Among all sectors, three key industries led the growth trajectory:  Mining (115.2%), Construction (80.5%), and Information Transmission, Software, and IT Services (205.5%).

In 2025,  thegrowth continued. According to official data released, China’s total outbound direct investment across all sectors reached $174.4 billion in 2025, a year-over-year increase of 7.1%; of this total, non-financial outbound direct investment amounted to $145.66 billion.Statistics regarding Investment flow for each sectors have not yet been released.

This article focuses on three fastest-growing sectors—Mining, Construction, and Information Transmission/Software/IT Services—identifies the most representative destinations for each sector, analyzes the key drivers, and outlines the core legal risks and compliance considerations for each sector.

01 

采矿业（Mining）

Rich in oil, gas, and non-ferrous metals, Kazakhstan is a crucial investment destination for China in Central Asia. By the end of 2024, China’s OFDI stock in Kazakhstan stood at US$6.18 billion. According to research by the Griffith Asia Institute in Australia and the Shanghai Green Finance Research Center, Kazakhstan became China’s single-largest recipient of mining investment in 2025, with a total investment of approximately $25.8 billion, driven primarily by aluminum and copper-related projects.Approximately 85% of China-Europe Railway Express land transit cargo passes through Kazakhstan, highlighting its dual value in resource extraction and strategic logistics.. Chinese enterprises including Zijin Mining have deployed gold mining and other projects there.

The Simandou iron ore deposit is one of the world’s largest and highest-grade undeveloped iron ore reserves. Chinese enterprises including Chalco Iron Ore and Baowu Group, participated in the northern and southern blocks with commercial production successfully commencing by late2025.

According to U.S. Geological Survey (USGS) data, global cobalt mine production in 2024 reached approximately 290,000 metric tonnes, with the DRC contributing nearly 220,000 metric tonnes—accounting for roughly  76% of global output. CMOC Group operates two world-class copper-cobalt minesin the country (TFM and KFM), producing 114,200 tonnes of cobalt metal in 2024, a year-on-yearincrease of 106% .

Irreplaceability of Strategic Resources: Cobalt, copper, bauxite, and iron ore represent indispensable raw materials for China’s new energy and manufacturing sectors,  which maintain  high import dependence.

Synergy under the Belt and Road Initiative: Cross-border infrastructure connectivity secures logistics for resource transport, while policy financing reduces investment costs.

Supply chain security imperative: Amid global supply chain volatility, securing upstream resources has become a core corporate strategy, accelerating the shift of Chinese enterprises from “buyers” to “shareholders” and “operators”.

Resource Nationalism and Regulatory Shifts: Host countries are increasingly revising mining laws to raise royalty fees, impose export duties, or mandate local processing. For example, the DRC announced a temporary cobalt export ban in February 2025, subsequently extended multiple times; Indonesia continues to enforce strict nickel ore export restrictions.

Stringent environmental compliance: Environmental impact assessments, tailings management, and biodiversity protection are under heightened regulatory scrutiny. Non-compliance risks operational suspension or severe administrative fines.

Community land rights and social license: Local community land rights and resettlement compensation carry legal force. Land disputes frequently escalate into judicial litigation or regulatory sanctions.

Applicability of investment treaty: It is necessary to assess the scope of protection under bilateral investment treaties (BITs), to ensure that expropriation compensation and investor-state dispute settlement (ISDS) mechanisms are available.

Mining and energy projects are characterized by heavy capital commitment, extended payback periods, and high policy sensitivity. The legal stability of mining concessions, environmental compliance, community engagement, and investment protection frameworks often outweighs the intrinsic value of the underground reserves. Flawed investment structuring may forfeit BIT protections; thus, assessing ISDS applicability during early-stage deal structuring is highly recommended.

Addressing massive infrastructure deficits in power, transport, and port facilities, Chinese contractors are deeply involved in regional road, rail, and energy EPC projects. In 2024, Chinese enterprises signed 185 new engineering contracts in Nigeria valued at US$7.76 billion, delivering a completed turnover of US$3.45 billion.According to a report by Fudan University’s Center for Green Finance and Development and the Griffith Asia Institute, the value of Nigeria’s “Belt and Road” construction contracts surged to $24.6 billion by 2025, propelled primarily by the Ogidi-Digben Gas Revolution Industrial Park (GRIP) project.

Contractors such as China Road and Bridge Corporation (CRBC) have executed key transport and municipal infrastructure projects there.In 2024, Chinese contractors achieved a completed turnover of US$1.06 billionin the Republic of Congo reached,marking, a 43.2%year-on-yearincrease.

Saudi Arabia’s economic reform plan, “Vision 2030,” launched in 2016, aims to reduce dependence on oil through economic diversification. The plan aligns strategically with China’s “Belt and Road” Initiative, making Saudi Arabia the largest market for Chinese contractors in the Middle East and North Africa. Major state-owned contractors, includingChina State Construction Engineering Corporation and PowerChina have signed multiple large-scale projects there.

Chinese enterprises like PowerChina are actively constructing school, power, andmunicipal infrastructure.From January to December 2024, new Chinese engineering contract values in Iraq reached US$9.27 billion, representing a 75.2%year-on-yearsurge.

Severe deficiencies in regional transportation, power generation, and municipal utilities, combined with rapid urbanization, generate sustained demand for capital projects.

Belt and Road project momentum: Concessional loans and integrated EPC services provided by Chinese institutions enable structured “resources-for-infrastructure” or “loans-for-projects” models.

Energy revenue-backed repayment: Host countries often rely on oil, gas, and other resource exports to service engineering project debts, requiring Chinese contractors to rigorously evaluate long-term fiscal sustainability.

Mandatory Local Content Requirements (LCR): Domestic labor laws mandateminimum ratiosfor local workforce hiring, with violations subject to fines, bidding disqualification, or deportation.

Technical standard barriers: Owners commonly use US, British, or European standards, which differ significantly from Chinese standards, significantly increasing design change and handover risks.

Legal Pitfalls in EPC contracts: Price adjustments, liquidated damages for delay (LDs), and force majeure clauses require careful negotiation; defaults by local subcontractor or labor disputes can directly spill over to the general contractor.

Political risk and security law: Political instability, terrorism, and sanctions constitute force majeure events; contracts must clearly allocate such risks, supported by comprehensive political risk insurance.

International engineering contracting is legally risk-intensive, requiring lifecycle contract risk management. It is advisable to review special clauses in tender documents at the bidding stage, specify international arbitration jurisdiction in EPC contracts, and incorporate political risk insurance as standard risk mitigation.

A robust legal framework, a global talent pool, and competitive tax rates make it the premier regional headquarter for Chinese enterprises expanding into ASEAN and the Middle East. Companies such as Beyondsoft have established operations there.

As an EU member state, it serves as a strategic launchpad for Chinese enterprises entering Europe.According to the Hungarian Investment Promotion Agency, China’s direct investment in Hungary reached €3.97 billion in 2025, accounting for 57% of Hungary’s total foreign capital inflow, making China Hungary’s largest foreign investor for the second consecutive year. 

Globally leading in telecommunications, AI, and clean technology R&D, it offers Chinese enterprises access to cutting-edge technology and high-end talent through targeted investment.

Superior talent and innovation ecosystems: Destinations feature world-class universities and R&D institutions, providing access to highly specialized technical talent.

Strategic Regional Connectivity: Singapore acts as a gateway to ASEAN and the Middle East; Hungary connects directly to the EU single market; Sweden offers access across Nordic and Baltic regions.

Sound rule of law and IP protection: Stable legal systems and mature case law provide high predictability for technology cooperation, intellectual property protection, and commercial dispute resolution.

Data sovereignty and cross-border restrictions: The EU General Data Protection Regulation (GDPR) imposes strict conditions on transferring personal data to third countries, with statutory fines up to 4% of global turnover. Extraterritorial compliance under Singapore’s Personal Data Protection Act (PDPA) and China’s Data Security Law demands close oversight.

Technology export controls and sanctions: The US Bureau of Industry and Security (BIS) imposes export controls on semiconductors, AI algorithms, and other technologies; the EU Dual-Use Regulation continues to tighten compliance requirements.

Foreign investment reviews: Screening mechanisms like CFIUS in the U.S. and FDI screening frameworks across EU member states continue to expand; transactions involving critical technologies, infrastructure, or sensitive data require prior notification.

Intellectual property infringement risks: Software patents, open-source license compliance, and trade secret protection vary significantly across jurisdictions, with overseas litigation costs posing significant cost risks.

The technology sector operates in a regulatory nexus where data, intellectual property, and export control closely intersect. It is advisable to conduct a global data governance gap analysis, clearly define IP ownership in technology transfers, and proactively assess FDI screening applicability prior to deal execution.

In 2024, China’s outbound direct investment demonstrated robust growth momentum across the  mining, construction, and information transmission/software/IT services sectors. As enterprises capitalize on global expansion opportunities, embedding international legal compliance as a strategic variable in investment decision-making remains vital to mitigating cross-border operational risks.