Belt and Road Monitor, Edition 11, 2025
This edition of the Belt and Road Monitor covers developments from 1 to 30 November 2025. If you enjoy our Belt and Road coverage, consider checking out Janes IntelTrak, a visual analytics tool that tracks and maps the global activities of Chinese and Russian companies in real time and includes expanded analysis of projects highlighted in "Top Developments." The Monitor draws from transactional data collected daily by our proprietary tool, Janes IntelTrak, as well as research compiled by our team of analysts.
Belt & Road at a glance
Value of all new BRI projects:
USD9.15 Billion
(Estimated)
Europe
the Region with the highest value of new bri projects
Largest New Transaction
USD 3 Billion
Lithium Battery Materials Export
ACS, Hungary
Cross-Border Payment and Banking-related transactions
Chinese BRI Transactions in USD Billions
Graph notes: These transactions include Chinese loans and grants but also contracts and subcontracts. Not all transactions will come to fruition, and this graphic does not account for cancellations, disruptions, failure to disburse funds, etc. This depicts the announced values of transactions with involving Chinese entities operating overseas, which could include Chinese funded projects but also foreign funded projects involving Chinese contractors, across multiple BRI-linked sectors.
Belt and Road Initiative top developments
China’s MingYang Smart Energy Scoping Project in Northern Luzon, Philippines
On 10 November 2025, MingYang Smart Energy Group signed an agreement with BuhaWind Energy to conduct a joint feasibility study for a 2-gigawatt (GW) offshore wind project in Northern Luzon, Philippines. The feasibility study will assess local weather and marine conditions and is likely to include details on subsea topography, coastal conditions, and other critical information in a strategically sensitive region. The region serves as a designated area for military exercises by the Philippines' armed forces. Similar activities by MingYang Smart Energy in Germany and the United Kingdom have been challenged by those governments over perceptions of national security risks.
Cainiao Expands Logistics Activities in Africa, Middle East
In November 2025, Alibaba and its logistics subsidiary, Cainiao Smart Logistics Network, announced multiple efforts to expand service across the Middle East and Africa. On 10 November, Cainiao signed a partnership agreement with Dubai’s Al Khayyat Investments. Later on 18 November, Alibaba was said to be holding discussions with Egypt to serve as an African hub for operations (on 21 October, Alibaba announced it would be establishing a strategic hub in Durban, South Africa). On 24 November, Cainiao, announced its plans to expand logistics into eight African countries including Morocco, Ghana, and Nigeria.
China’s ICBC Launches First RMB Clearing Bank in Türkiye
On 17 November 2025, under the authorisation of China’s central bank, the Industrial and Commercial Bank of China (ICBC) officially launched the first renminbi (RMB) clearing bank in Istanbul, Türkiye. The RMB clearing bank is expected to streamline transactions between the two countries, reduce exchange rate risks, and increase trade. The agreement follows a nearly USD5 billion currency swap agreement from June.
Huayou Cobalt’s Hungary Factory Signs USD3 Billion Deal with China Eve Energy
On 26 November 2025, Chengdu Bamo Technology, a subsidiary of Huayou Cobalt, signed a RMB21.2 billion (USD3 billion) product supply framework agreement to supply the materials needed to manufacture lithium batteries to Eve Energy's lithium battery plant in Hungary. The supply will come from Huayou Cobalt’s USD1.5. billion Hungarian factory expected to open soon. The 9-year contract will last from 2026-2035 and will supply 127,800 tonnes of ultra-high-nickel ternary cathode materials
Chinese Contractors Begin Construction of Kenya’s Nairobi-Mau Summit Highway
On 28 November 2025, China Road and Bridge Corporation (CRBC) and Shandong Hi-Speed Road and Bridge Corporation started construction of the multi-phased USD1.5 billion highway expansion project. Both CRBC and Shandong Hi-Speed Road and Bridge Corporation are expected to complete the construction work by the end of 2027, after which they will operate the road under a 28-year concession. The road project is a strategic priority within the Northern Corridor network, which links the Port of Mombasa to landlocked neighbours, including Uganda and South Sudan.
New Project Locations by Value
What They're Saying
JONATHAN EVANS, Chief Executive Officer, Lithium Americas on the CCP's use of critical minerals as part of its geoeconomics strategy.
“To maintain its dominance, China has depressed global lithium prices to discourage investment by non-Chinese firms and deter public or private capital from entering the market. Despite soaring demand and double-digit annual growth in lithium applications, this price manipulation has constrained the development of independent, transparent supply chains."
By the Numbers
