Characteristics of Disaster Losses Distribution and Disaster Reduction Risk Investment in China from 2010 to 2020

China is one of an increasing number of countries in the world that is suffering from frequent and severe natural disasters, which cause serious loss of life. The Chinese government has set up a special financial fund for natural disaster mitigation and reduction. Therefore, based on the financial expenditure data and disaster losses data obtained from ministries of emergency management and the China Statistical Yearbook, we analyzed the spatio-temporal distribution of natural disaster losses at the economic zonal scale during 2010–2020, and then evaluated the efficiency of disaster mitigation and reduction using a DEA model. The results showed that the natural disaster losses decreased significantly in most provinces from 2010 to 2020. The distribution of precipitation is extremely uneven (more in the southeast and less in the northwest). Moreover, the Central and Western Economic Zones are the most earthquake-prone regions in China, especially Xinjiang, Tibet, Sichuan, Yunnan and Gansu. Among all natural disasters, floods were the leading natural disasters, causing the most severe losses in China on the national scale. Furthermore, the cities with higher comprehensive efficiency, mean the ratio between the effects and funding on disaster mitigation and reduction, were either economically developed or geographically large and sparsely populated. Finally, we used an exponential regression equation model to explore the relationship between financial input and direct economic losses caused by natural disasters in 2019 and 2020; we found that there is a negative correlation between the financial investment and the direct economic losses. In conclusion, it is necessary to improve the technology of natural disaster mitigation and reduction and to adjust the scale of investment according to the actual situation of each region and the different disasters in China. This paper aims to provide relevant experience and basis for China’s comprehensive disaster mitigation and reduction work.