Review of China’s Belt and Road shows sustained investment surge

The latest analysis of China’s engagement through investment and construction deals in its international flagship program, the Belt and Road Initiative (BRI), has found record sized deals in the first half of 2026 with a focus on energy, mining and new technologies.  

Professor Christoph Nedopil from The University of Queensland’s Business School leads extensive research on the BRI – China’s global infrastructure-building scheme – and said investments and construction were surging.

“From January to June 2026, BRI engagement in investment has totalled US$49.8 billion, while US$76.5 billion was put into construction contracts,” Professor Nedopil said.

“Another key finding is record levels of green energy-related engagement, about US$19.6 billion so far this year, and for the first time more than 50 per cent is in ‘green’ projects including wind, solar, hydro and waste-to-energy.

“China energy engagement also included fossil fuels, particularly gas, as well as the planned construction of a new coal-fired power plant in Zambia.

“Metals and mining also reached a record high of US$21.8 billion, mostly towards processing of steel production and aluminium.”

Professor Nedopil said technology and manufacturing investments surged to US$17 billion and US$6.5 billion respectively.

“As well as general manufacturing there has been significant investment in utility-scale batteries and green ammonia, building on previous strong growth in green hydrogen production,” he said.

“There’s also been a boost to transportation through contracts for construction, high-speed rail, light rail, road and port projects.

“Regionally, Africa remains the top destination for Chinese investment at US$33.5 billion, while construction engagement was strongest in the Middle East at US$36.5 billion.”

Professor Nedopil said even in the climate of US-led trade impositions and fossil fuel volatility driven by the Strait of Hormuz conflict, he anticipated a further expansion of BRI investments and construction contracts in the rest of 2026.

“Global trade uncertainty could further drive investments in what China calls the ‘New Three’ – mining and minerals processing, technology like EV and battery manufacturing, and renewable energy,” he said.

“Uncertainties could also spur investments in supply chain resilience and exploration of new markets by Chinese companies.

“With strong engagement in sectors needing significant investment such as mining and manufacturing and increasing ability to scale energy investment as well as data centres, I also expect deal sizes to remain substantial.”

Read the full analysis. 

Collaboration and acknowledgements