“There’s a sharp geopolitical irony unfolding across Eurasia and the Middle East. Two of China’s most vocal strategic partners – Russia and Iran – are learning that in Beijing’s world, rhetoric may be generous, but investment is ruthlessly selective. The slogans of “multipolarity” and “strategic partnership” sound impressive at summits, but when it comes to writing cheques under the Belt and Road Initiative (BRI), China is behaving less like a revolutionary ally and more like a hard-nosed global banker.
Fresh data from the Green Finance and Development Centre (GFDC) reveals that China’s overseas engagement under the BRI surged dramatically last year. Chinese overseas investment in BRI projects jumped 62 percent compared to the previous year, exceeding $85 billion. Even more striking, the value of Chinese construction contracts tied to BRI projects soared 81 percent, crossing $128 billion. After years of pandemic slowdowns and debt concerns, Beijing’s global infrastructure machine is clearly revving up again. But where the money is going tells a story far more revealing than the headline totals.
Start with Russia, the country that publicly calls China its most important strategic partner in the face of Western pressure. If political alignment translated into infrastructure investment, Russia should be awash in Chinese-funded railways, ports, and industrial corridors. Instead, it is barely on the map. While Chinese investment in Central Asia surged by a staggering 375 percent to reach $28.5 billion, Russia received just $674 million. That is not a minor difference – it is thirty-eight times less than what flowed into Kazakhstan alone, a country that lies firmly within what Moscow has long considered its backyard…….”
