"China Belt and Road Initiative (BRI) Investment Report 2025", Griffith University, 18 January 2026

Key findings

• 2025 saw the highest BRI engagement ever for any year, with USD 128.4 billion in construction contracts and about USD 85.2 billion in investments;
• China’s energy-related engagement in 2025 was the highest in any period since the BRI’s inception, reaching USD93.9 billion, more than double than in 2024;
• China’s 2025 BRI energy engagement was the dirtiest and greenest:
  o Oil and gas engagement surged to about USD71.5 billion, more than triple the previous record year 2024;
  o Green energy engagement reached new records with USD 18.3 billion in wind, solar, and waste-to-energy projects and planned capacity of over 22 GW of green energy;
• China continued to invest in coal-related activities through the construction of coal mine infrastructure;
• The metals and mining sector reached new records, surpassing 2024 (which itself was a record year) with about USD 32.6 billion – mostly through investments and in minerals processing (about USD 15 billion into mining) with a focus on Kazakhstan;
• Copper, in support of data centres, saw a significant surge of Chinese investment in the second half of 2025;
• The technology and manufacturing sector also broke records and reached almost USD 28.7 billion with high-tech engagements in data centres, EV batteries and in hydrogen (in Nigeria);
• Africa topped the rank of BRI engagement, reaching USD 61.2 billion, a plus of 283 per cent; countries with the highest construction engagement were Nigeria (USD 24.6 billion), the Republic of Congo (USD 23.1 billion), Saudi Arabia (USD 19.8 billion), and Iraq (USD 4.5 billion).
• Part of Chinese Africa engagement may be explained by lower US tariffs in Africa compared to Asia;
• BRI investments in 2025 were driven by private sector companies, dominated by East Hope Group, Xinfa Group and Longi Green Energy; construction was dominated by SOEs
• Since its establishment in 2013, cumulative BRI engagement reached USD 1.399 trillion, with about USD 837 billion in construction contracts, and USD 561 billion in non-financial investments;
• For 2026, I see continued expansion of Chinese BRI engagement with a focus on energy, mining, and new technologies;
• Global trade and investment volatility will potentially spur further investment for supply chain resilience and alternative export markets for Chinese companies