At least 41 Chinese manufacturing and logistics projects were announced for Mexico between January and March, while at least 39 projects were scheduled for Vietnam, reports the Financial Times. This represents the highest number of announced projects in either country since FDI Intelligence began tracking foreign investment news and company announcements in 2003, with both Mexico and Vietnam now overtaking the US as the top destinations for Chinese manufacturing and logistics projects.
Thailand, Malaysia, Hungary and Egypt also welcomed record levels of Chinese projects in the year to the end of March. Chinese businesses are increasingly favoring investment in such countries as tensions rise between western governments and Beijing.
The developments highlight how, as western multinationals and politicians seek to break decades of dependence on factories in China and limit the country’s role in supplying critical products, Chinese manufacturers are building their presence overseas.