China's Belt and Road Initiative signed a record US$213.5 billion in new deals in 2025, a 75% increase from 2024, according to a report by Australia's Griffith Asia Institute. Investments shifted notably towards Africa and Central Asia, with energy deals comprising 43% of total engagement. The year marked both record highs in clean energy and a near threefold surge in fossil fuels to US$71.5 billion.
China's Belt and Road Initiative advanced further in 2025, signing new deals worth US$213.5 billion, contributing to a cumulative US$1.4 trillion in investments and construction contracts across 150 countries since its 2013 launch. This surge was driven by soaring metals projects in Central Asia and a pivot in investments towards Africa.
The Griffith Asia Institute's report, released on Sunday, notes that the value of new deals rose 75% from 2024, with energy accounting for 43% of total engagement—an increase of more than 10 percentage points from the prior year. It described 2025 as the "greenest and dirtiest" year on record for Belt and Road energy deals: investments in clean energy like solar and wind hit record levels, while fossil fuel agreements jumped nearly threefold year-on-year to US$71.5 billion.
The report highlights surges in projects involving mining, metals, fossil fuels, and new technologies. Key areas include Kazakhstan, Vietnam, and Morocco, alongside lithium batteries, copper, and artificial intelligence. Despite challenges like US tariffs, China's global infrastructure strategy maintained strong momentum.
