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1、 Monitor of Chinese OFDI in Latin America and the Caribbean 2025 Enrique Dussel Peters1 March 17,2025 The global scenario during 2024-2025 has profoundly affected trade flows,particularly foreign direct investment inflows and outflows,not least in Latin America and the Caribbean(LAC).Coupled with Ru

2、ssias military invasion of Ukraine and the Israeli-Palestinian conflict,global FDI flows have been severely affected by the presidential race in the United States during 2024 and by a significant set of executive orders from President Trump since January 20,2025.The deepening conflict between the US

3、 and China is reflected in multiple global arenas.The objective of the Monitor is to examine foreign direct investment(or OFDI)outflows from China to LAC up to 2024,for the period 2000-2024 and various sub-periods.In order to allow for a brief and timely analysis,the paper is divided into two sectio

4、ns.The first one analyzes a group of international factors that in 2024 have had an impact on international flows of inward foreign direct investment(FDI)and OFDI.The second part concentrates on an analysis of the main results of Chinese OFDI in LAC up to 2024,drawing on the Monitors broad and exten

5、sive database(with transaction-level information on the amount,date,employment,company name,country,sector,ownership of the Chinese company,and the geographic origin of Chinese companies,among others).The Monitor has been published annually in Chinese,Spanish and English since 2017 and aims for an a

6、gile reading on the main developments and structures of Chinese OFDI in LAC until 2024;in previous issues you will find specific references and discussions that are not revisited in each of the later issues.We encourage you to make use of the Monitors database to deepen the analysis of Chinese OFDI

7、in LAC by sector,country,company and even by geographical origin of Chinese companies in China.2 1 The document benefited from the valuable assistance of Sheila Jacqueline Rayn Celis,Patricio Axaycatl Morales Lpez y Luis Gerardo Flores Cruz.Alma Delia Sevilla Ros coordinated these efforts.The author

8、 is solely responsible for the contents.2 This document and the complete database with the information for each of the 678 transactions are available at:https:/redalc-china.org/monitor/historico-de-ejemplares-del-monitor/.2 1.International context of Chinese OFDI in LAC up to 2024:trends and debates

9、 Global GDP growth in 2024 was 3.2%and expectations for 2025 and 2026 are 3.3%per year,significantly below the historical average(3.7%during 2000-2019).Also for LAC,economic growth was only 2.1%in 2024 and an estimated 2.5%for 2025(IMF 2025).While anti-inflationary policies have made significant pro

10、gress,trade and fiscal policies,as well as“geopolitical tensions”(IMF 2025:2;see below),are sources of uncertainty globally and in LAC;massive subsidies made in the interest of generating domestic incentives have significantly affected recent FDI flows(Reinert 2025).The reduction of central bank int

11、erest rates has had slow positive effects on the productive apparatus in LAC with the potential for increased FDI in LAC(ECLAC 2024:71-80;UNCTAD 2025/a).During 2024 and until the beginning of March 2025,the confrontation between the United States and China has also deepened,and the previously examin

12、ed security-shoring by the US since 2022-2023that is,the predominance of national security over any other aspect in its strategy with respect to China,with significant effects on third countriesand examined in the last Monitor(Dussel Peters 2024).The impact on international FDI flows will be signifi

13、cant from several perspectives.On the one hand,the United States has sought to further restrict access to new technologies to China,specifically for the cases of semiconductors used in artificial intelligence and“connected vehicles”(Xie 2025).The massive and disruptive executive orders by the Trump

14、presidency since 20.1.20253 have openly questioned the global order since Bretton Woods,based on reciprocity and the most favored nation(MFN)principle,with expected profound effects on investment flows.As of early March 2025,President Trump had significantly increased tariffs on exports from Canada,

15、China and Mexico to the United States,as well as on steel,aluminum and threats of tariffs on the automotive sector(Kroeber 2025).The America First Investment Policy(WH 2025)not only reaffirms security-shoring“economic security is national security”(WH 2025:3)but explicitly restricts OFDI toward its

16、adversaries,particularly China,and also does so for Chinese investments in the US and Chinese investments in third countries.4 The predominance of national security over the U.S.economy,explicitly around investment flows;these investment flows from the U.S.already initiated profound changes since 20

17、195.In this confrontation,China,for its part,has emphasized technological development and its new productive forces in disruptive innovations(including robotics,nanomanufacturing,3 During 2012-2018 China was the top country as measured by US TNCs employment of their foreign affiliates,although it ha

18、s since been overtaken by the United Kingdom and India(in 2021).During 2010-2022 Canada,China,India,Mexico,and the United Kingdom were the top destination for employment of their foreign affiliates(SCB 2024).4 Strong pressure from the Trump presidency on CK Hutchison Holdings(CKHH),a major port inve

19、stor in LAC,resulted in the likely sale of 80%of its port assets(Chen 2025).5 During 2012-2018 China was the top country as measured by US TNCs employment of their foreign affiliates,although it has since been overtaken by the United Kingdom and India(in 2021).During 2010-2022 Canada,China,India,Mex

20、ico,and the United Kingdom were the top destination for employment of their foreign affiliates(SCB 2024).3 large artificial intelligence models,quantum computing,advanced semiconductors,new energy sources,and aeronautics and aerospace activities).China has already reached 2.6%of its R&D expenditures

21、 in relation to its GDP,similar to its main competitors(Zhang 2024).It is relevant to understand that Chinese OFDI has become a relevant instrument to access new technology and,more recently,to overcome its productive overcapacityfor example,in some middle-income countries in electric cars(Brennan,E

22、szterhai and He 2024;Hanemann,Meyer and Goh 2025)and in other cases to overcome trade restrictions(i.e.,Chinese OFDI to substitute Chinese imports).At least two recent aspects seem to be important for understanding global FDI and OFDI flows.On the one hand,empirical research questions whether FDI co

23、uld become an effective lever for development considering that the massive repatriations of global profits(4.2%of the global stock of FDI during 2005-2020)originating in the Russian Federation,Brazil and Nigeria,among others,and destined especially for the United Statesnot only impede the developmen

24、t of the global South,but are also the cause of unequal development(Parnreiter,Steinwrder and Kolhoff 2024).Second.The recent agreement by 135 countries(2021)to impose a global minimum tax on the profits of multinational enterprises(MNEs),which ensures that MNEs pay a rate of at least 15%regardless

25、of the territory where they do business,may become an important factor for future FDI and OFDI flows(Bradbury and OReilly 2025).In 2024,global FDI fell by 8%(to$1.378 trillion),with marked regional differences.Europe(-45%),developed economies(-15%),LAC(-9%)and Asia(-7%)reflected the worst FDI perfor

26、mance in 2024;Africa(86%),and North America(13%),the most positive(UNCTAD 2025/a).In the case of China,FDI fell in 2024 for the second consecutive year and was 40%below its peak in 2022.For LAC,Brazil reflected one of the lowest dynamisms(-5%in 2024),in contrast to Central America and Mexico(11%).2.

27、Main trends of Chinese OFDI in LAC during 2000-2024 The following examines a set of global trends in Chinese OFDI through 2024 and focuses on Chinese OFDI in LAC for 2000-2024.2.1.Chinese OFDI globally and in LAC:general trends to 2024 Based on official figures,Chinese OFDI fell in 2024 by 2.7%to$14

28、3.85 billion(Zhou 2025)and continues to rank in the top three as the source of OFDI over the past five years(Dussel Peters 2024).After Chinese OFDI had peaked in 2016,since then its share relative to global OFDI has remained at around 10%(and 9.54%in 2023).Since 2016 Chinese OFDI has declined signif

29、icantly relative to gross fixed capital formation and GDP(in 2023 of just 1.96%and 0.83%,respectively)(UNCTAD 2025/b).As a result of the fall in FDI in 2024,4 the OFDI/FDI ratio accounted for 103.12%,i.e.OFDI was higher than FDI for the first time since 2020(Figure 1).Chinese OFDI in LAC in 2024 was

30、$8.53 billion dollarswith a growth rate of-11.8%with respect to 2023and represented 55.24%of 2022 and 44.36%of 2019,although the historical maximum was recorded in 2010(with$23.2 billion dollars)(Table 1).Of particular relevance for understanding the dynamics of Chinese OFDI in LAC:until 2024 it was

31、 the 2015-2019 period when it reached the maximum annual Chinese OFDI in LAC,averaging$13.83 billion dollars,well above$11.125 billion during the most recent 2020-2024 period(even below the 2010-2024 annual average).Although it is very likely that the amount for 2024 will increase-considering that n

32、ew transactions will be reported ex post-the comparisons between sub-periods are significant for considering that Chinese OFDI in LAC already has more than 10 years of growing presence and dynamism,as it has been insisted in the various issues of the Monitor since 2017.Table 1 is also relevant in th

33、at it macroeconomically positions LAC FDI and specifically Chinese OFDI in the region until 2024.On the one hand,the relevance of FDI in LAC has stagnated with respect to gross fixed capital formation(GFCF)and GDP:in 2020-2024 it accounted for 14.70%and 2.81%,similar to the previous sub-periods sinc

34、e 2000.It is also significant to highlight that Chinese OFDI in LAC has decreased its share with respect to total LAC FDI in the last decade:in 2015-2019 it was 9.11%(with its historical annual maximum in 2010,with 14.43%)and decreased to 6.98%in 2020-2024(and with 4.85%in 2024,the lowest level sinc

35、e 2012).Chinese OFDI relative to LAC GDP and GFCF also declined in 2020-2024 relative to 2015-2019.In order not to overestimate Chinese OFDI in the region,93.02%of Latin American FDI originated from non-Chinese sources by 2020-2024.02040608010012014016019801995200120032005200720092011201320152017201

36、920212023Source:Own elaboration based on UNCTAD(2025/a/b).Figure 1China:OFDI/FDI(percentage)(1980-2024)5 The current Monitor database allows a detailed examination of Chinese OFDI during 2000-2024.6 Only one group of relevant aspects are highlighted.The 678 Chinese OFDI transactions in LAC recorded

37、during 2000-2024 represented US$203,369 million and more than 712,000 jobs;in both cases breaking the US$200 billion and 700,000 jobs barrier.Second,it is striking,based on 2020-2024 and 2024,that the number of transactions has fallen,as well as the amount of OFDI with respect to the previous period

38、 and 2023.However,the amount per transaction increased from 2015-2019($270 million)to 2020-2024($293 million)and significantly the employment per transaction,from 977 jobs to 1,697 jobs for the respective periods.In other words,Chinese OFDI in LAC is going through processes of increased employment g

39、eneration in recent periods and since 2010-2014(Table 2).As we will see below,these trends are associated with new sectoral processes of Chinese OFDI in LAC.Third,for the most recent period 2020-2024,the trend already examined by the Monitor regarding the growing presence of new investments(or green

40、field type)in Chinese OFDI has been consolidated:its 122 transactions accounted for 51.98%of OFDI and 84.17%of employment,well above previous periods such as 2015-2019(with 22.90%and 34.33%).In other words,Chinese companies have achieved an important learning process and require less and less merger

41、 and acquisition(M&A)of existing companies in the region.New 6 Previous versions of the Monitor have defined the main methodological aspects for recording OFDI:its distinction with infrastructure projects,the inclusion of OFDI carried out(as opposed to announced),the procedure for recording each of

42、the OFDI transactions included in the Monitors database and,finally,its significant impact on the statistics when compared with other existing statistics,both public and from other research centers.Table 1 FDI/GDP(percentage)FDI/gross formation of fixed capital(percentage)Chinese OFDI($million)Regio

43、nal FDIGross formation of fixed capitalGDP20192.9915.9019,23112.161.930.3620202.0711.259,27710.101.140.2120212.7313.5412,7049.081.230.2520223.3616.5115,4417.881.300.2620232.9616.299,6725.010.820.152024/p2.75-8,5304.85-0.132000-20043.0516.412,8390.880.140.032005-20092.6713.0616,4473.340.440.092010-20

44、143.0914.6559,3106.480.950.202015-20192.8414.8969,1509.111.360.262020-2024/a2.8114.7055,6246.981.120.202000-2024/b2.8914.60203,3696.190.910.18/a The annual percentage of GFFC refers to the period 2020-2023./b The annual average refers to the period 2000-2023./p Preliminary.Source:Own elaboration bas

45、ed on Monitor(2025)and UNCTAD(2025/b).LAC:Chinese OFDI Flows and Macroeconomic Indicators(2000-2024)Chinese OFDI(percentage over respective total)6 Chinese investments in LAC during 2020-2024 are also the driver of the above changes:they generated 2,224 jobs per transaction(as opposed to M&A with 75

46、1 jobs per transaction)and an OFDI/employment ratio of$0.11 million per job(as opposed to M&A of$0.52 million)(Table 2).Table 2LAC:Chinese OFDI,Main Aggregated Characteristics(2000-2024)Transactions(number)Amount of OFDI(million of dollars)Employment(number of workers)Amount of OFDI/transactionAmoun

47、t of OFDI/employmentEmployment/transaction(number of workers)20194519,23177,0254270.251,7122020399,277183,4212380.054,70320213312,70430,7323850.4193120224415,44143,9053510.359982023409,67235,1802420.278802024348,53029,1662510.298582000-2004152,83910,5541890.277042005-20096216,44734,7692650.475612010

48、-201415559,31094,2323830.636082015-201925669,150250,0472700.289772020-202419055,624322,4042930.171,6972000-2024678203,369712,0063000.291,05020192313,51353,6065880.252,3312020207,13315,8113570.457912021135,6537,4684350.765742022168,94718,0175590.501,1262023103,9323,8503931.02385202491,0425,9041160.18

49、6562000-200437506,4002500.122,1332005-2009289,39921,8223360.437792010-20145544,75858,4038140.771,0622015-201911653,314164,1944600.321,4152020-20246826,70851,0503930.527512000-2024270134,929301,8695000.451,1182019225,71923,4192600.241,0652020192,144167,6101130.018,8222021207,05123,2643530.301,1632022

50、286,49425,8882320.259252023305,74031,3301910.181,0442024257,48823,2623000.329302000-2004122,0894,1541740.503462005-2009347,04812,9472070.543812010-201410014,55235,8291460.413582015-201914015,83685,8531130.186132020-202412228,916271,3542370.112,2242000-202440868,440410,1371680.171,005201951.1170.2669

51、.60137.47100.96136.17202051.2876.898.62149.94891.9916.81202139.3944.5024.30112.96183.1261.69202236.3657.9441.04159.35141.20112.85202325.0040.6510.94162.62371.4843.77202426.4712.2220.2446.1660.3676.472000-200420.0026.4260.64132.1143.57303.202005-200945.1657.1562.76126.5491.05138.972010-201435.4875.46

52、61.98212.67121.76174.662015-201945.3177.1065.67170.15117.41144.922020-202435.7948.0215.83134.16303.2444.242000-202439.8266.3542.40166.60156.49106.46201948.8929.7430.4060.8397.8162.19202048.7223.1191.3847.4425.29187.57202160.6155.5075.7091.5873.32124.90202263.6442.0658.9666.0971.3292.66202375.0059.35

53、89.0679.1366.64118.74202473.5387.7879.76119.38110.06108.472000-200480.0073.5839.3691.97186.9449.202005-200954.8442.8537.2478.14115.0867.902010-201464.5224.5438.0238.0364.5358.932015-201954.6922.9034.3341.8866.7062.782020-202464.2151.9884.1780.9661.76131.082000-202460.1833.6557.6055.9258.4295.72Sourc

54、e:Own elaboration based on Monitor(2025).Mergers and Acquisitions(M&A)New Investments(greenfield)New Investments(percentage over total)M&A(percentage over total)7 2.2.Chinese OFDI in LAC:by country of destination up to 2024 During 2000-2024 Chinese OFDI has been significantly reducing its average an

55、nual amount,from$13,830 million in 2015-2019 to$11,125 in 2020-2024(even below its average in 2010-2014).Looking at the main countries,the trends are very significant:Brazil has been by far the main destination of Chinese OFDI in the region and during 2000-2024 averaged$2,678 million annually,follow

56、ed by Peru($1,460 million),Mexico($990 million)and Argentina($978);Venezuela barely averaged$129 million annually of Chinese OFDI for the period(Map 1).Notwithstanding this structure,the graph reflects the profound diversification of Chinese OFDI in LAC in the 21st century:if in 2000-2004 55.13%of O

57、FDI went to Brazil,it dropped to 30.50%in 2020-2024,with annual averages well below 2010-2014 and 2015-2019.Argentina(with 19.76%during 2020-2024),Peru(17.47%),Mexico(16.62%)and Chile(7.10%)have become the most dynamic recipients of Chinese OFDI in the recent period(Figure 2),but it is worth mention

58、ing that Brazil is still the leading.Table 3 provides further details on this process of diversification of Chinese OFDI in LAC up to 2024.It should be noted that in the most recent period(2020-2024)Brazil surpasses the rest of the countries in the amount of Chinese OFDI in LAC;Mexico,for example,su

59、rpassed Brazil in the number of transactions(74 from Mexico and 34 from Brazil)and Mexico and Colombia did so with respect to employment generated by Chinese OFDI in 2020-2024;as we will see below,Didi Chuxing Technology has played a crucial role under this heading.This preliminary analysis reflects

60、 significant differences in Chinese OFDI by country with respect to new investments and M&A,as well as employment generated per transaction and amount per transaction.The Monitors databank invites a detailed analysis by country.7 7 For a review of Chinese OFDI in Mexico up to 2024,see:Dussel Peters(

61、2025/b).0.0010.0020.0030.0040.0050.0060.00ArgentinaBrazilChileColombiaMexicoPeruVenezuelaSource:Own elaboration based on Monitor(2025).Figure 2Chinese OFDI in LAC:Annual Average for Selected Countries(percentage over respective total)(2000-2024)2000-20042005-20092010-20142015-20192020-20242000-2024

62、8 2.3.Chinese OFDI in LAC for activity until 2024 One of the most significant changes in Chinese OFDI in LAC during the 21st century-in many cases still not sufficiently understood-refers to its sectoral diversification.From a functional and aggregate perspective,Table 4 reflects this trend:until 20

63、10-2014 raw Table 3LAC:Chinese OFDI by Main Countries(percentage over total)(2000-2024)2000-20042005-20092010-20142015-20192020-20242000-2024Argentina Number of transactions0.001.617.749.3816.3210.03 OFDI amount($US million)0.000.0217.574.4019.7612.03 Employment(number of workers)0.000.586.455.895.3

64、95.39Brazil Number of transactions33.3314.5229.0329.6917.8924.93 OFDI amount($US million)55.134.0543.5331.7330.5032.92 Employment(number of workers)31.3019.1552.0329.6712.7824.49Chile Number of transactions0.008.067.108.598.427.96 OFDI amount($US million)0.0016.951.0719.057.1010.10 Employment(number

65、 of workers)0.001.811.237.371.613.57Colombia Number of transactions13.336.455.813.134.214.57 OFDI amount($US million)10.5014.082.442.272.023.32 Employment(number of workers)0.302.592.350.8132.5315.46Mexico Number of transactions20.0017.7416.1328.5238.9527.43 OFDI amount($US million)17.623.652.6218.5

66、916.6212.17 Employment(number of workers)54.2120.5210.4434.9341.6234.30Peru Number of transactions6.6717.748.393.916.326.93 OFDI amount($US million)7.0529.4018.6915.4017.4717.94 Employment(number of workers)4.2627.639.758.174.137.44Venezuela Number of transactions6.676.455.810.780.002.36 OFDI amount

67、($US million)0.462.323.371.200.001.58 Employment(number of workers)3.323.604.092.490.001.64Caribbean Number of transactions0.000.007.105.473.684.72 OFDI amount($US million)0.000.007.482.325.014.34 Employment(number of workers)0.000.006.935.740.933.36Central America Number of transactions0.004.842.58

68、3.910.002.51 OFDI amount($US million)0.000.230.461.730.000.74 Employment(number of workers)0.000.790.832.760.001.12TOTAL LAC Number of transactions100.00100.00100.00100.00100.00100.00 OFDI amount($US million)100.00100.00100.00100.00100.00100.00 Employment(number of workers)100.00100.00100.00100.0010

69、0.00100.00Source:Own elaboration based on Monitor(2025).9 materials concentrated the majority of the amount of Chinese OFDI in this item,even with 94.81%of Chinese OFDI in LAC during 2005-2009,but fell below 50%since then(with 45.67%in 2020-2024);the reduction of activities linked to raw materials i

70、s even more significant in terms of employment generation during 2000-2024 and the sub-periods considered(Table 4).In contrast,activities linked to manufacturing(24.29%of the total amount in 2020-24),particularly services and domestic market-oriented activities(27.74%),have been the most dynamic sin

71、ce 2015;the first Chinese OFDI transaction in LAC for the purchase of technology was recorded in 2015 and the item still plays a secondary role(Table 4).Already since 2015-2019 activities linked to services and the domestic market are by far the most relevant in employment generation(with 57.20%in 2

72、020-2024).These aggregate trends reflect important differences in employment generation by transaction and capital intensity(particularly of raw materials).These profound sectoral changes of Chinese OFDI in LAC are even sharper considering the main sectors:while Metals,minerals and mining saw its sh

73、are of Chinese OFDI in LAC fall from 81.41%in 2005-2009 to 38.41%in 2020,Energy increased from 7.05%in 2000-2004 to 32.80%in 2020-2024;Chinese OFDI in Auto parts and automotive is particularly significant,with 13.63%in 2020-2024.In the case of employment,Other sectors,and Table 4Chinese OFDI in LAC:

74、Distribution by Activity(percentage over total)(2000-2024)2000-20042005-20092010-20142015-20192020-20242000-2024Raw Materials Number of transactions40.0064.5230.9721.0938.9532.74 OFDI amount($US million)69.5994.8160.8141.3845.6752.94 Employment(number of workers)42.6269.1546.3819.4914.9023.74Manufac

75、turing Number of transactions20.0020.9733.5539.4542.1136.73 OFDI amount($US million)1.943.938.7025.5724.2918.22 Employment(number of workers)3.0422.7125.1330.3827.3327.52Services and Domestic Market Number of transactions40.0014.5235.4833.2014.7426.99 OFDI amount($US million)28.461.2630.4927.3427.74

76、26.28 Employment(number of workers)54.348.1528.4947.4257.2047.53Purchase of Technology Number of transactions0.000.000.006.254.213.54 OFDI amount($US million)0.000.000.005.712.292.57 Employment(number of workers)0.000.000.002.710.581.21Total Number of transactions100.00100.00100.00100.00100.00100.00

77、 OFDI amount($US million)100.00100.00100.00100.00100.00100.00 Employment(number of workers)100.00100.00100.00100.00100.00100.00Source:Own elaboration based on Monitor(2025).10 particularly Transportation,accounted for 60.74%of employment generated during 2020-2024(Table 5).2.4.Chinese OFDI in LAC by

78、 type of property until 2024 The recent diversification of Chinese OFDI in LAC according to the ownership of the Chinese firm is quite remarkable:if in 2005-2009 88.99%of OFDI was by SOEs-understood as the sum of central government,provincial,city and municipal enterprises(Dussel Peters 2025/a)-this

79、 share dropped to 56.86%in 2020-2024,the lowest for the sub-periods Table 5LAC:Chinese OFDI by Sector(percentage over total)(2000-2024)2000-20042005-20092010-20142015-20192020-20242000-2024Metals,minerals and mining Number of transactions33.3341.9418.0610.9425.7920.06 OFDI amount($US million)62.5481

80、.4135.0720.5238.4135.16 Employment(number of workers)38.3648.2621.7911.2514.2016.19Energy Number of transactions6.673.2310.9713.2823.6814.60 OFDI amount($US million)7.0510.3332.5238.9732.8032.64 Employment(number of workers)4.261.6319.507.076.388.10Autoparts and automobiles Number of transactions0.0

81、06.4510.9717.5821.0515.63 OFDI amount($US million)0.001.562.047.9713.637.16 Employment(number of workers)0.004.087.2111.6612.7711.03Electronics Number of transactions0.008.068.3912.894.218.70 OFDI amount($US million)0.001.173.9210.231.014.99 Employment(number of workers)0.0014.464.0110.402.476.01Fin

82、ancial sector Number of transactions0.004.846.454.691.584.13 OFDI amount($US million)0.000.724.873.270.842.82 Employment(number of workers)0.000.513.891.460.391.23Food and beverages Number of transactions0.008.066.456.640.004.72 OFDI amount($US million)0.001.383.643.930.002.51 Employment(number of w

83、orkers)0.0016.157.995.030.003.61Communications Number of transactions33.334.8414.197.423.168.11 OFDI amount($US million)12.340.302.903.470.932.48 Employment(number of workers)2.870.939.438.473.045.69Other Number of transactions26.6722.5824.5226.5620.5324.04 OFDI amount($US million)18.073.1415.0411.6

84、412.3912.24 Employment(number of workers)54.5113.9526.1944.6760.7448.14Total Number of transactions100.00100.00100.00100.00100.00100.00 OFDI amount($US million)100.00100.00100.00100.00100.00100.00 Employment(number of workers)100.00100.00100.00100.00100.00100.00Source:Own elaboration based on Monito

85、r(2025).11 considered;the drop in the employment share of SOEs is even more pronounced(with 18.11%in 2020-2024).While SOEs remain the most relevant for 2000-2024(with 69.38%of OFDI,but just 33.94%of employment),it is indisputable that private sector OFDI has been the growing driver of Chinese OFDI i

86、n LAC since the 2015-2019 subperiod(Table 6).Preliminary results(Dussel Peters 2025/b),which require an expansion of other countries in LAC,reflect a high degree of association with the new OFDI recipient countries,their sectoral specialization,and the ownership of the Chinese firms conducting OFDI.

87、2.5.Chinese OFDI in LAC by geographic origin of the company in China through 2024 Changes in Chinese OFDI in LAC according to the geographic origin of the company in China also show surprising results for 2000-2024.Beijings share of Chinese OFDI in LAC is dominant,accounting for 56.19%of the total i

88、n 2000-2024.However,Beijing has seen its share drop significantly,to 44.28%in 2020-2024.Other cities and provinces such as Shanghai(with 8.11%in 2020-2024),Fujian(6.08%),Hong Kong(5.16%)and Guangdong(4.63%)have diversified Beijings high concentration(Table 7).Table 6LAC:Chinese OFDI by Public Proper

89、ty(percentage of total)(2000-2024)Transactions(number)Amount of OFDI(million of dollars)Employment(number of workers)Amount of OFDI/transactionAmount of OFDI/employmentEmployment/transaction(number of workers)201942.2283.5526.0571.5477.76-27.98202025.6488.416.8484.4187.55-25.28202139.3952.4619.8521.

90、5540.68-32.24202234.0956.1625.7933.4840.92-12.60202340.0053.4649.8022.437.2916.34202441.1834.2137.32-11.84-4.95-6.562000-200460.0072.7744.8831.9250.59-37.792005-200959.6888.9959.2472.6972.98-1.082010-201448.3986.1257.4273.1167.4017.512015-201934.3860.3141.5339.5132.1210.902020-202435.7956.8618.1132.

91、8147.32-27.542000-202440.8669.3833.9448.2453.65-11.69Source:Own elaboration based on Monitor(2025).12 2.6.Chinese OFDI in LAC according to main companies in its OFDI and employment up to 2024 Table 8 reflects the high concentration of Chinese OFDI in a relatively small group of Chinese companies dur

92、ing 2020-2024.With only 24 transactions during 2020-2024,State Power Investment Corporation Limited(SPIC),State Grid Corporation of China(SGCC),China Minmetals Corporation,Tibet Summit Resources and Zijin Mining Group concentrated 42.12%of Chinese OFDI in LAC;the first two even accounted for 33.59%(

93、Table 8).The sectoral activities of each company reflect important differences in the amount of OFDI per transaction and in the generation of employment:while for SGCC each of its three transactions averaged US$2,142 million,it was only US$376 million for Zijin Mining Group.Table 7Chinese OFDI by Ge

94、ographic Origin of the Company in China(2000-2024)2000-20042005-20092010-20142015-20192020-20242000-2024Beijing1,8929,88247,55330,31824,633114,279Shanghai58205896,6394,51011,817Hong Kong4505712,3032,0002,8688,191Guangdong348321,2343,1292,5757,318Shandong01031735,4284906,194Fujian037401,0003,3804,754

95、Subtotal 2,74910,98251,85248,51538,456152,554Total2,83916,44759,31069,15055,624203,369Beijing66.6760.0980.1843.8444.2856.19Shanghai2.040.120.999.608.115.81Hong Kong15.853.473.882.895.164.03Guangdong12.270.192.084.534.633.60Shandong0.000.630.297.850.883.05Fujian0.002.270.001.456.082.34Subtotal 96.836

96、6.7787.4370.1669.1475.01Total100.00100.00100.00100.00100.00100.00Source:Own elaboration based on Monitor(2025).$US millionpercentage over total 13 In terms of employment generation by Chinese OFDI in LAC during 2020-2024,five companies stand out:Didi Chuxing Technology(Didi),Minerals and Metals Grou

97、p,Jiangxi Ganfeng Lithium,Huawei Technologies and Man Wah Holdings;these accounted for 59.21%of the employment generated by Chinese OFDI in LAC during the period,with Didi alone accounting for 48.76%.The participation of these same companies in Chinese OFDI,on the other hand,is reduced,with only 8.4

98、2%in 2020-2024.The Monitors databank offers ample potential for delving deeper into the characteristics of Chinese companies conducting OFDI in LAC.References Bradbury,David and OReilly,Pierce.2025.“The global minimum corporate tax:outcomes and options”.Columbia FDI Perspectives 404,March 3.Brennan,

99、Louis,Eszterhai,Viktor and He,Shaowei.2024.“The Chinese electric vehicle industrys FDI in Hungary:A challenge for European policymakers”.Columbia FDI Perspectives 395,October 28.Chen,Fan.2025.“S&P expresses concern about CK Hutchisons diversification after ports sale”.SCMP,March 7.Table 8Chinese OFD

100、I in LAC:Main 5 Firms According to its OFDI and Employment(2020-2024)Transactions(number)Amount of OFDI(million of dollars)Employment(number of workers)Amount of OFDI/transactionAmount of OFDI/employmentEmployment/transaction(number of workers)State Power Investment Corporation Limited(SPIC)66,6982,

101、9701,1162.26495State Grid Corporation of China(SGCC)36,4252,6062,1422.47869China Minmetals Corporation23,5242721,76212.96136Tibet Summit Resources Co.Ltd.43,4002,3388501.45585Zijin Mining Group Ltd93,3807,7183760.44858Subtotal 2423,42715,9049761.47663Total general19055,624322,4042930.171,697State Po

102、wer Investment Corporation Limited(SPIC)3.1612.040.92381.301,307.1129.17State Grid Corporation of China(SGCC)1.5811.550.81731.551,429.0151.19China Minmetals Corporation1.056.340.08601.867,509.378.01Tibet Summit Resources Co.Ltd.2.116.110.73290.34842.8934.45Zijin Mining Group Ltd4.746.082.39128.28253

103、.8350.54Subtotal 12.6342.124.93333.42853.7739.05Total general100.00100.00100.00100.00100.00100.00Didi Chuxing Technology(Didi)240157,200200.0078,600Minerals and Metals Group(MMG)13329,0003320.049,000Jiangxi Ganfeng Lithium Co.,Ltd72,8988,3524140.351,193Huawei Technologies61,2118,3502020.151,392Man W

104、ah Holdings Ltd.12008,0002000.038,000Subtotal 174,681190,9022750.0211,230Total general19055,624322,4042930.171,697Didi Chuxing Technology(Didi)1.050.0748.766.750.154,632.08Minerals and Metals Group(MMG)0.530.602.79113.4021.38530.39Jiangxi Ganfeng Lithium Co.,Ltd3.685.212.59141.41201.1170.31Huawei Te

105、chnologies3.162.182.5968.9684.0982.01Man Wah Holdings Ltd.0.530.362.4868.3214.49471.46Subtotal 8.958.4259.2194.0514.21661.78Total general100.00100.00100.00100.00100.00100.00Source:Own elaboration based on Monitor(2025).according to OFDI during 2020-2024according to employment during 2020-2025(percen

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114、l In On Tech”.GavelkalDragonomics,July 24.Zhou,Qian.2025.“China Outbound Direct Invest(ODI)Tracker:2024-25”.China Briefing,February 5.Source:Own elaboration based on Monitor(2025).Thank you in advance for your comments to improve the quality and quantity of the Monitor and for contacting us at:FDICHINAUNAM.MX or https:/redalc-china.org/monitor/historico-de-ejemplares-del-monitor/ArgentinaBoliviaBrasilColoMxicoPerVe GeoNames,Microsoft,OpenStreetMap,Overture Maps Fundation,TomTomCon tecnologa de BingMap 1.Chinese OFDI in LAC(2000-2024)($US million)066,951OFDI($US million)