【英文】2023年上半年中国一带一路投资报告（26页）

英文研究报告 2023年10月31日 07:01 管理员

Share of investments in China’s BRI highest on record The share of Chinese engagement in the BRI through investments compared to construction has seen its highest levels in the first half of 2023: investments reached about 59% of BRI engagement compared to 29% in 2021. 2023 is the first time that more than 50% of the BRI engagement is through investments where Chinese investors take equity stakes with higher risks. This compares to construction contracts that are typically financed through loans provided by Chinese financial institutions and/or contractors with the project often receiving guarantees through the host country’s government institutions (see Figure 2).

For construction projects, the deal size in the first half of 2023 was the lowest since the BRI was announced in 2013, with about USD327 million compared to USD338 million in 2022 (see Figure 3). Compared to the peak in 2017, this is a 35% decrease. This tendency is likely in line with the ambition to have “small or beautiful projects” in the BRI propagated through official channels. Another reason is that China adjusted its risk management strategies to adjust for BRI country risks that are more pronounced and challenging in large scale projects with more social, environmental and governance (ESG) requirements and issues.