Annual value of outgoing and incoming remittance flow in China 2021, by country
China received over 20 times more remittances from abroad in 2021 than the value it sent itself to other countries, according to a ranking on the flow of such transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For China, the top three recipients for remittances in 2021 included South Korea, the Philippines, and Brazil. China's main sources for remittances - accounting for nearly half of all inflow - were the United States and Hong Kong.
