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n 2025, capital deployment for reinvestment 025年，企业在华实际再投资规模仍主要集中
Iremained concentrated at more modest 2在较低水平，多数企业（76%）在华实际再投资
scales, with a majority of companies (76%) 额低于1000万美元，与最初预算处于该区间的企业比
directing under US$10 million into their China 例（77%）高度吻合。
operations. This closely aligned with the
proportion of firms (77%) that had originally 按企业来源国分析，77%的美资企业在华实际再
budgeted within this range.
投资额处于1000万美元以下，延续了其以小规模投入
为主的策略。值得关注的是，在中档投资区间（5000万
A breakdown of corporate origin shows that
among American companies, 77% allocated 美元至2.5亿美元）出现显著变化：美资企业在该区间
reinvestment capital within the under US$10 的占比上升6个百分点至10%；其他国家企业变动更为
million range, reflecting a continued focus on 显著，占比从2024年的0%跃升至2025年的11%。
smaller-scale commitments. However, a notable
shift occurred in the mid-tier investment bracket, 从行业维度来看，制造业企业明显向小规模再投
with the share of American companies deploying 资倾斜，投资额低于1000万美元的企业比例同比上升
US$50 million to US$250 million increasing by 16个百分点，而投资超过2.5亿美元的企业比例下降
6pp to 10%. A more pronounced movement was 10个百分点。与之相对，消费产品及服务行业在5000
evident among companies from other countries, 万美元至2.5亿美元区间的投资规模显著扩大，比例大
where participation in the US$50 million to 幅提升15个百分点。
US$250 million range surged from 0% in 2024 to
11% in 2025. Figure 34. Comparison of Companies’ Budgeted and
Actual Reinvestment in China in 2025
Sectoral trends in investment volume further 图表34. 2025年在华预算再投资与实际再投资的企业分布情况
highlight evolving strategies. Manufacturing
companies demonstrated a clear shift toward
smaller-scale reinvestment, with a 16pp increase
Yes in those deploying under US$10 million, alongside
是 a 10pp decrease in investments exceeding US$250
No million. Conversely, the consumption products
否 and services sector saw a substantial 15pp rise in
reinvestment volumes within the US$50 million to
US$250 million range.
Actual Reinvestment in 2025 Budgeted Reinvestment in 2025
2025年实际再投资 2025年预算再投资
36 37
