Key Findings:

• 2024 saw the highest BRI engagement ever, with USD70.7 billion in construction contracts and about USD51 billion in investments;
• China’s energy related engagement in 2024 were the greenest in absolute and relative terms in any period since the BRI’s inceptionreaching USD11.8 billion, an increase of 60% compared to 2023;
• Oil and gas engagement surged to record highs of about USD24.3 billion, particularly through oil/gas processing facilities construction contracts in the Middle East;
• China continued to invest in coal-related activities, both in construction of coal mine transport infrastructure and in coal mine ownership;
• Middle Eastern countries topped the rank of BRI engagement, reaching USD39 billion. Meanwhile Latin American BRI countries saw their lowest Chinese engagement in almost 10 years – with significant drops in Chinese investments;
• Metals and mining sector reached new records of almost USD 22 billion – mostly through investments;
• The technology and manufacturing also broke records and reached almost USD30 billion with high-tech engagements in batteries, solar PV and – outside of the BRI in Spain – in hydrogen;
• BRI investments in 2024 were back to state-owned domination led by Sinopec yet followed by private companies. Construction contracts continue to be dominated by state-owned enterprises (SOEs);
• In global comparison, Chinese overseas engagement grew, while global FDI into emerging economies in 2024 continued to drop (driven by a drop of FDI into China); 
• Since its establishment in 2013, cumulative BRI engagement reached USD 1.175 trillion, with about USD704 billion in construction contracts, and USD 470 billion in non-financial investments;
• For 2025, we see further stabilization of Chinese BRI engagement with a strong focus on BRI country partnerships in renewable energy, mining and related technologies;
• Global trade and investment volatility will potentially spur further investment for supply chain resilience and alternative export markets for Chinese companies
• Potential future engagements are unchanged in six project types: manufacturing in new technologies (e.g., batteries), renewable energy, trade-enabling infrastructure (including pipelines, roads), ICT (e.g., data centers), resource-backed deals (e.g., mining, oil, gas), high visibility or strategic projects (e.g., railway).