China’s investment in the countries along the Belt and Road rose to the highest since 2019, with much of that increase due to a new battery plant for electric vehicles.
Investment in the 147 nations in the BRI rose 63% to $32.5 billion from a year earlier, according to a report from Fudan University in Shanghai. Driving the rise as China’s Contemporary Amperex Technology Co. and Mercedes-Benz Group AG's plans to invest more than $7 billion in a plant in Hungary, the biggest single project in any BRI country since it started in 2013.
After the tech sector, the energy sector was the largest recipient of Chinese investment, with $9 billion going into projects, mostly for oil, gas, and green energy. Chinese firms also signed more than $15 billion in construction deals for the energy sector and another $12 billion for transport infrastructure such as ports, roads, and railways, according to the report from Christoph Nedopil at Fudan’s Green Finance & Development Center.
Total construction deals fell 27% to $35.3 billion, the lowest level since the start of the initiative spearheaded by Chinese President Xi Jinping.
Hungary was the largest recipient of Chinese investment among BRI nations, followed by Saudi Arabia and Singapore. Russia, Angola, Sri Lanka, Nepal, and Peru saw no new investment or construction deals, while engagement in Pakistan fell 34%, and that in sub-Saharan Africa also dropped by double digits, the report showed.
Chinese lending to a number of nations has...
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