Kazakhstan leads as top recipient of China’s Belt and Road Initiative investment

According to research by Griffith University in Australia and the Green Finance & Development Center in China, activities under China’s Belt and Road Initiative, launched in 2013, have reached a record level.

The value of new investment and construction contracts for Chinese companies reached $124 billion through 176 deals in the first six months of 2025.

During this period, the country that attracted the most investment was Kazakhstan, with $23 billion.

The total value of the initiative exceeded $1.3 trillion

According to the Financial Times (FT), the sharp increase in the first half of the year brought the total value of deals and investments under the Belt and Road Initiative to over $1.3 trillion.

Of this figure, $775 billion consists of construction contracts, and $533 billion consists of non-financial investments.

The experts who conducted the research note that 2025 also stands out for the size of its deals, with some exceeding $10 billion.

According to the report, a record $10 billion was invested in areas such as wind energy, solar energy, and waste processing, while $25 billion was invested in the metallurgy, coal, and mining industries.

‘Trade war pushed Chinese companies abroad’

Christoph Wang, one of the authors of the research, told the FT, “This year’s strong increase in China’s activities is surprising even against the backdrop of steadily growing activities within the Belt and Road framework post-COVID-19.”

According to Wang, the slowdown in the domestic market and the need to diversify supply chains due to the trade war initiated by US President Donald Trump with tariffs have encouraged Chinese companies to turn abroad.

The expert also stated that member countries of the initiative see an “opportunity to deepen ties with China in the context of changing global geoeconomic dynamics.”

Chinese President Xi Jinping introduced the concept of the Belt and Road Initiative in September 2013. The project aims to create new trade routes, transportation, and economic corridors connecting China with countries in Central Asia, Europe, and Africa.

According to IMF data cited by the FT, China’s overseas assets increased by more than 50% in the 2018-2023 period, while this rate was only 21% for the US.