The top five EU investors in China
The last few months of tariff mayhem have dismantled the transatlantic trade order into a sort of abstract Rorschach test; whatever you see says more about you than whatever the objective reality is.
Many have argued that the US' mistreatment of traditional allies such as the EU will push more countries into the arms of China. However, the EU already has its own complicated relationship with Asia's biggest economy, characterised by disputes on electric vehicle (EV) subsidies, anti-dumping probes and a bilateral trade value of €739bn ($844.6bn).
So, which are the top five EU investors in China?
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Germany
Germany makes up 57% of EU investment in China, a figure driven by auto-related FDI. In February 2024, this investment hit a record high of €11.9bn, according to the Bundesbank. The German Government has expressed concerns about this level of investment as Europe tries to decrease its reliance on China. Germany's new Chancellor, Friedrich Merz, said their relationship is being 'shaped by systematic rivalry and power politics'. Merz added that while China is still an important economic partner, 'we will continue to reduce one-sided dependencies'.
France
While France comes after Germany, it invested in less than half the projects that Germany did during this period. According to GlobalData's FDI database, French investments in China during this period were mostly in software and IT services, electronics, communications and media. In October 2024, China imposed temporary tariffs on cognac of EU origin, which has mostly affected French producers. The probe started shortly after the EU imposed tariffs of up to 45% on Chinese EV imports.
Netherlands
Most of the Netherlands' investments in China were in software and IT services, electronics, and communications and media. ASML, the Dutch multinational producing photolithography machines, announced multiple investments in China during this period. In March, ASML revealed plans to open a 'reuse and repair' centre in Beijing. While Chinese demand for the Dutch company's machines has remained strong, mounting US restrictions on advanced manufacturing tools for semiconductor chips could affect sales.
Denmark
China is Denmark's fourth-largest trading partner. In 2024, bilateral trade exceeded $15.66bn (DKr102.38bn), according to Chinese Ambassador to Denmark Wang Xuefeng. Danish investments in China have mainly been in the renewable energy sector, with major companies such as Ørsted and Vestas having expanded their operations in China.
Spain
Spain's Government has not been afraid to indulge Washington, DC's fears as it has markedly strengthened ties with China in the face of US tariffs. Prime Minister Pedro Sanchez was the first to visit China after the US started its tariff project. US Treasury Secretary Scott Bessent warned against this approach, saying cosying up to China as opposed to the US would be a 'losing bet for the Europeans' and was like 'cutting your own throat'.
Find company profiles, industry spotlights, theme breakdowns and more on GlobalData's FDI Database.
"The top five EU investors in China" was originally created and published by Investment Monitor, a GlobalData owned brand.
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