Belt and Road Monitor, Edition 5, 2025

This edition of the Belt and Road Monitor covers developments from 1 to 30 April 2025. If you enjoy our Belt and Road coverage, consider checking out Janes IntelTrak, a visual analytic 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

Chinese BRI Transactions in USD Billion

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.

Top Developments

North Korea and China Reportedly Enter Rare Earths-for-Electronics Deal
On 2 April 2025, reports announced that North Korea’s Mangyongdae Trading Company reached an agreement with an unnamed Chinese tech company to provide rare earths in exchange for electronic components and equipment, including semiconductors, lithium-ion batteries, display panels, and high-quality chipsets. The rare earths-for-electronics agreement appears to be structured as a barter transaction, similar to non-cash arrangements China has reached with other countries like Russia and Iran, where there are also barriers to cross-border trade and payment.

China Pursues First International Space Launch Site in Malaysia
On 15 April 2025, China Great Wall Industry Corporation (CGWIC) signed a letter of intent with the Pahang State Economic Development Corporation (PKNP) and Lestari Angkasa Sdn Bhd to advance plans for an equatorial spaceport in Malaysia. The tripartite agreement will focus on sea launches, increased commercial space activities, and regional aerospace industry development. The first activities under the plan include a visit to China’s first commercial space launch site, Wenchang Space Launch Center in Hainan, China.

China, Cambodia Agree to Funan Techo Canal Financing Deal
On 19 April 2025, China and Cambodia signed a USD1.2 billion deal to finance the Funan Techo Canal project through a public-private partnership (PPP), in which Cambodia will hold a 51% stake, while 49% will be held by China Road and Bridge Corporation (CRBC). The canal’s development began in 2021 with a feasibility study conducted by CRBC and CCCC Water Transportation Consultants. The project’s construction began in late 2024 and is expected to be finished by 2028.

CMOC Group to Acquire Ecuadorian Gold Project
On 21 April 2025, China’s CMOC Group’s Singapore-based subsidiary announced the USD421 million acquisition of Vancouver, Canada's Lumina Gold Corp. in an all-cash deal. The acquisition will entitle CMOC access to the largest primary gold deposit in Ecuador, the Cangrejos gold-copper project that lies 40 kilometres (km) from the deepwater Bolivar port.

Kenya, China Agree to Financing Terms for SGR Rail Extension
On 24 April 2025, Kenya and China reached an agreement on the financing of the extension of the Kenyan Standard Gauge Railway from Naivasha through Kisumu to Malaba at the Ugandan border, increasing the line’s viability. Funding will come from the Kenyan and Chinese governments and a commercial venture that includes Kenyan banks and Chinese contracting lenders. The terms of the deal require a Chinese contractor that will operate a 25-year concession under a build-operate-transfer model.

New Project Locations

What They're Saying

DANIEL RUSSEL, Vice President, International Security and Diplomacy at the Asia Society Policy Institute (ASPI) and BLAKE BERGER, Consultant, ASPI On China's approach to international development.

“In contrast, China—reflecting its own experience—has emphasized the importance of development as a technology-centered modernization process with economic growth anchored by state-led investments in transportation, energy, and digital infrastructure. The Xi Jinping administration has advanced this approach through the BRI, prioritizing physical and digital infrastructure along with economic connectivity with Chinese manufacturers and markets.”

By the Numbers