China's engagement through the Belt and Road Initiative (BRI) reached a record USD 126.4 billion in the first half of 2026 — the highest for any six-month period since the initiative's launch in 2013, according to preliminary data released by the Green Finance & Development Center (GFDC).
根据绿色金融与发展中心（GFDC）发布的初步数据，2026年上半年中国通过"一带一路"倡议的对外合作总规模达到创纪录的1,264亿美元，为2013年倡议启动以来任何半年度最高水平。
The combined figure includes USD 49.8 billion in investment and USD 76.5 billion in construction contracts across approximately 186 deals in 150 partner countries. Cumulatively, Chinese BRI engagement has now surpassed USD 1.539 trillion since 2013.
该总额包含约186笔交易中的498亿美元投资和765亿美元工程承包合同，覆盖150个伙伴国家。自2013年以来，中国在一带一路合作中的累计投入已超过1.539万亿美元。
Green Energy Becomes the Dominant Theme
The most striking shift is the rapid greening of China's overseas energy portfolio. Energy-related engagement reached a record USD 36.3 billion in H1 2026 — nearly double the energy figure of any previous first half except 2025. Crucially, 56% of this energy engagement was classified as green, marking a new record both in absolute and relative terms.
最引人注目的转变是中国海外能源投资组合的快速绿色化。2026年上半年能源相关合作达到创纪录的363亿美元——几乎是以往任何上半年（除2025年外）能源合作的两倍。关键的是，其中56%属于绿色能源，在绝对值和相对占比上均创下新纪录。
More than USD 20 billion was directed toward renewable energy projects in H1 2026 alone — matching the total green energy engagement across all of 2025. Over 20 GW of green electricity capacity was confirmed through investment and construction, exceeding the full-year total for 2025.
仅2026年上半年，就有超过200亿美元投向可再生能源项目——相当于2025全年绿色能源合作总量。通过投资和工程合同确认的绿色电力装机容量超过20 GW，已超过2025年全年总量。
Iran War Accelerates the Green Pivot
The acceleration of China's green energy push overseas coincides with the ongoing Iran conflict, which has disrupted global oil supply chains. According to a Financial Times report published on August 4, 2026, Beijing is "taking advantage of a rise in appetite for renewables as the Middle East conflict drags on." Goldman Sachs analysts noted in late July that "China has drastically reduced its net imports of fossil fuels, effectively acting as a shock absorber for global energy prices through reduced demand."
中国海外绿色能源布局的加速与持续中的伊朗冲突同步发生。据《金融时报》2026年8月4日报道，北京正在"利用中东冲突持续之际可再生能源需求的上升"。高盛分析师在7月底指出，"中国大幅减少了化石燃料净进口，通过降低需求有效充当了全球能源价格的减震器。"
Africa Emerges as the Top Beneficiary
Regionally, Africa captured the largest share of Chinese BRI investment in H1 2026, with inflows nearly tripling year-on-year to a record USD 33.5 billion — the highest half-year total for any region on record. Meanwhile, the Middle East led in construction contracts with USD 36.5 billion, also a record.
从地区来看，非洲在2026年上半年获得了一带一路投资的最大份额，流入额同比几乎增长两倍，达到创纪录的335亿美元——为任何地区有史以来最高半年度水平。与此同时，中东以365亿美元的工程承包合同位居首位，同样创下纪录。
Private Sector Takes the Lead
A notable structural change is the rising role of private enterprises. The private sector's share of total BRI engagement has grown from 13% in 2020 to 48% in H1 2026, signaling a shift from state-driven mega-projects toward commercially viable, market-oriented investments — what Chinese policymakers now call the "small and beautiful" approach.
一个值得关注的结构性变化是民营企业角色的上升。私营部门在一带一路合作总额中的占比已从2020年的13%增长到2026年上半年的48%，标志着从国家驱动的大型项目向商业可行、市场导向投资的转变——即中国决策者所称的"小而美"路径。
Key Sectors: Metals, Technology, and Transport
Beyond energy, the metals and mining sector reached a record USD 21.8 billion in H1 2026 — higher than any full year except 2025 — with a focus on steel production in Egypt and aluminum in Kazakhstan. Technology and manufacturing investments grew by 11% and 81% respectively compared to H1 2025, reaching USD 17 billion and USD 6.5 billion. The transport sector also rebounded to USD 18.2 billion, its first growth since 2020.
能源之外，金属和采矿领域在2026年上半年达到创纪录的218亿美元——高于除2025年外的任何全年水平——重点集中在埃及的钢铁生产和哈萨克斯坦的铝业。技术和制造业投资分别同比增长11%和81%，达到170亿美元和65亿美元。运输部门也回升至182亿美元，为2020年以来首次增长。
Outlook
The GFDC report concludes that "both global trade frictions and fossil fuel price volatility can be an opportunity for Chinese BRI engagement such as green sectors and manufacturing localization." As the Iran conflict persists and global energy markets remain unsettled, China's green BRI pivot appears poised to deepen through the second half of 2026, with continued focus on renewable energy, critical minerals, and manufacturing supply chain resilience.
GFDC报告总结称，"全球贸易摩擦和化石燃料价格波动都可以成为中国一带一路合作的机遇，尤其在绿色产业和制造业本地化方面。"随着伊朗冲突持续和全球能源市场动荡不安，中国一带一路的绿色转型有望在2026年下半年进一步深化，继续聚焦可再生能源、关键矿产和制造业供应链韧性。
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