【英文】2023年上半年中国一带一路投资报告（26页）

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.