China's Belt and Road Initiative engagement reached a record $126.4 billion in the first half of 2026, the highest for any six-month period since the initiative launched in 2013, according to preliminary data from the Green Finance & Development Center. The total comprised $49.8 billion in investment and $76.5 billion in construction contracts across approximately 186 deals, underscoring a sustained expansion despite global trade frictions.
据绿色金融与发展中心初步数据显示，2026年上半年中国一带一路参与规模达到创纪录的1264亿美元，为该倡议2013年启动以来任何半年度最高水平。总额包括约186笔交易中的498亿美元投资和765亿美元工程承包合同，凸显在全球贸易摩擦背景下仍持续扩张的态势。
Energy-related engagement reached record levels at approximately $36.3 billion, nearly double the energy engagement in any first half year since 2013 except 2025. Notably, 56% of China's energy engagement was green — a new record both in absolute and relative terms — with more than $20 billion in green energy investment matching the entire 2025 full-year figure. Over 20 GW of green electricity projects were confirmed, exceeding all of 2025.
能源相关参与规模达到创纪录水平，约363亿美元，几乎是2013年以来除2025年外任何上半年能源参与的两倍。值得注意的是，中国能源参与的56%为绿色能源——在绝对值和相对比例上均创历史新高——绿色能源投资超过200亿美元，与2025年全年数据持平。已确认的绿色电力项目超过20吉瓦，超过2025年全年。
The metals and mining sector hit a record $21.8 billion in H1 2026 alone — higher than any full year since 2013 except 2025 — with focus areas in steel production in Egypt and aluminum in Kazakhstan. Technology and manufacturing also surged, growing 11% and 81% year-on-year respectively to $17 billion and $6.5 billion.
金属和矿业在2026年上半年达到创纪录的218亿美元——超过除2025年外2013年以来任何全年数据——重点领域包括埃及的钢铁生产和哈萨克斯坦的铝业。科技和制造业也大幅增长，同比分别增长11%和81%，达到170亿美元和65亿美元。
Regionally, Africa topped the investment ranking, with Chinese BRI investment nearly tripling compared to H1 2025 to $33.5 billion, driven in part by Ethiopia's $14.17 billion green energy development agreement with China's Mingyang Smart Energy Group — one of the largest private FDI deals in Ethiopia's history. The Middle East led construction engagement with a record $36.5 billion. Cumulatively, Pakistan remains the top BRI energy recipient at over $41.5 billion, followed by Saudi Arabia at approximately $40 billion.
区域分布上，非洲位居投资榜首，中国BRI投资较2025年上半年增长近三倍至335亿美元，部分得益于埃塞俄比亚与中国明阳智慧能源集团的141.7亿美元绿色能源开发协议——埃塞俄比亚历史上最大的私人FDI交易之一。中东以创纪录的365亿美元领跑工程承包。累计来看，巴基斯坦仍是BRI能源领域最大接受国，超415亿美元，沙特阿拉伯以约400亿美元紧随其后。
A structural shift is also evident in financing models: the private sector expanded its share of total BRI engagement from 13% in 2020 to 48% in H1 2026. Meanwhile, many construction projects are now funded through syndicated loans with international partners including multilateral development banks, moving away from the traditional Chinese policy bank lending model. The transportation sector also grew for the first time since 2020, reaching $18.2 billion, all through construction contracts.
融资模式也发生了结构性转变：私营部门在BRI总参与中的份额从2020年的13%扩大至2026年上半年的48%。同时，许多建设项目现通过与国际合作伙伴（包括多边开发银行）的银团贷款融资，脱离了传统的中国政策性银行贷款模式。交通运输领域自2020年以来首次增长，达182亿美元，全部通过工程承包实现。
For Chinese enterprises and investors, the data confirms that BRI engagement is not contracting but transforming — with private capital and green energy driving growth, African and Middle Eastern markets offering the most near-term opportunities, and traditional state-led infrastructure finance giving way to more commercially structured deals.
对中国企业和投资者而言，数据证实一带一路参与并未萎缩而是在转型——私人资本和绿色能源驱动增长，非洲和中东市场提供最多近期机会，传统的国家主导基建融资正在让位于更具商业结构的交易。
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