97% of Chinese businesses operating in Spain plan to maintain or increase their investment in the country in 2026. This assertion reflects their optimism about Spain’s economic outlook, a particularly significant finding amid growing geopolitical uncertainty and protectionist tensions worldwide.

This is one of the main conclusions of the “Chinese FDI in Spain: Global Outlook 2026” study, drawn up by ICEX-Invest in Spain in collaboration with KPMG Spain. This second edition involved 82 Chinese-owned businesses based in Spain, and eight of their executives, who pointed to the country’s geographical location, the size of its domestic market and its ability to act as a strategic gateway to third-country markets.

Employment generation
Chinese businesses also rate the business climate, quality of life, integration of expatriate teams, infrastructure, logistics platforms and institutional bilateral relations particularly highly. In this latter respect, the executives interviewed take a highly favourable view of the recent visits to China by the Spanish Prime Minister and the King and Queen.

A wide variety of businesses in terms of both  turnover and size took part in the study. 71% expect to create new jobs in 2026 as part of their continued growth trend. The proportion investing in R&D in Spain has also risen, from 34% in 2023 to 40% this year. Another significant point is that 34% place all their products and services on the Spanish market.

Greenfield investments
The main sectors represented by these businesses are energy (17%), transport and logistics (14%) and automotive and batteries (13%). The latter has grown considerably since 2023, driven primarily by greenfield investments in battery gigafactories and integrated vehicle manufacturing plants, which are now entering the implementation phase.

The arrival of Chinese businesses in Spain appears to have gathered pace in recent years. 48% have arrived since 2020, compared with 35% that established their headquarters in Spain during the 2010s. Most enter the market by setting up a subsidiary or branch, while mergers and acquisitions (M&A) also play a prominent role. This reflects a strategic vision of establishing a lasting presence in the Spanish market, underpinned by continued investment and sustainable growth.

Country highly open to foreign investment
Micaela Arias, Executive Director of ICEX-Invest in Spain, explains that the study’s findings reflect a country that is highly open to foreign investment, “According to the OECD's FDI Regulatory Index, Spain is the eleventh least restrictive OECD country for investment from a regulatory perspective.”

Meanwhile, David Höhn, Head of China Practice, KPMG Spain, notes, “We are seeing new forms of collaboration that foster talent development, such as training Spanish personnel at Chinese business’ corporate headquarters. These initiatives are particularly valuable in strategic and technologically advanced sectors, where attracting specialist personnel remains a challenge in Spain.”

^{Photo: ICEX}