中国_一带一路_倡议2024年投资报告（英）-2025.2_25页_2mb

报告摘要

China Belt and Road Initiative (BRI) Investment Report 2024 Summary

Core Content

This report provides an overview of China's financial and investment activities under the Belt and Road Initiative (BRI) in 2024, highlighting key trends, regional distributions, and sectoral engagements.

Key Findings

Record Engagement in 2024: China's BRI engagement reached a record high in 2024 with USD 70.7 billion in construction contracts and about USD 51 billion in investments, totaling USD 121.8 billion.
Cumulative Investment: Since 2013, cumulative BRI engagement has reached USD 1.175 trillion, with USD 704 billion in construction contracts and USD 470 billion in non-financial investments.
Shift in Engagement Focus: The share of investments in BRI engagement dropped to 42% in 2024 from 53% in 2023, while construction contracts remained dominant.
Deal Sizes: Investment deal sizes decreased on average to USD 672 million, while construction deal sizes increased to USD 498 million, driven by large projects like the USD 1 billion oil refinery in Iraq.
Regional Analysis: Middle Eastern countries led BRI engagement in 2024 with USD 39 billion, while Latin America saw its lowest engagement in nearly a decade.
Sector Trends: Energy, technology, and metals & mining were the top growth sectors, with energy-related engagement reaching USD 40 billion, including USD 11.8 billion in green energy (solar, wind, waste-to-energy).
Green Growth: Green energy investments grew significantly, with a focus on transmission and renewable energy sources like solar and wind.
Major Players: State-owned enterprises (SOEs) dominated BRI investments, led by Sinopec, while PowerChina and China National Chemical Engineering were top contributors in construction.
Global Comparison: Global FDI to developing countries dropped to USD 854 billion in 2024, with China's FDI declining by 29%, but African FDI increased by 86%.

Regional and Country Analysis

Middle East: Top region in BRI engagement with USD 39 billion, driven by oil and gas projects.
Africa: Second largest region with USD 29.2 billion in engagement, showing strong growth.
Southeast Asia: Relatively slow growth at 7%, but total engagement reached USD 25.1 billion.
Latin America: Lowest engagement in nearly a decade, with significant drops in investments.
Notable Countries: Saudi Arabia was the largest recipient of construction contracts (USD 18.9 billion), while Indonesia received the most investments (USD 9.3 billion).

Sector Trends

Energy: Reached USD 40 billion in total engagement, with a record USD 11.8 billion in green energy and USD 24.3 billion in oil and gas.
Technology and Manufacturing: Surpassed USD 30 billion in engagement, focusing on EV batteries, solar PV, and hydrogen (outside BRI in Spain).
Metals and Mining: Reached a record USD 21.4 billion, with a focus on minerals critical to the green transition (e.g., lithium, nickel).
Transport: Total engagement remained stable at USD 15 billion, with major projects in aviation, rail, and ports.

Investment and Construction Dynamics

Investment Focus: Investment deals are smaller in size but more numerous, while construction contracts are larger and more concentrated in resource-backed projects.
SOE Dominance: State-owned enterprises continue to lead in both investments and construction, with Sinopec and PowerChina being the top players.

Outlook for 2025

Stabilisation and Expansion: The report anticipates further stabilisation and expansion of BRI investments, with a strong focus on renewable energy, mining, and related technologies.
Supply Chain Resilience: Global trade and investment volatility could drive more BRI engagement to enhance supply chain resilience and secure alternative export markets.
Future Projects: The "New Three" industries—electric vehicles, batteries, and renewable energy—are expected to remain key areas of focus.

Conclusion

The BRI continues to be a major driver of China's global investment and trade strategy, with a clear shift towards green and sustainable projects. Despite challenges and regional disparities, the initiative remains central to China's economic expansion and strategic interests abroad.

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