中国与欧亚地区国家：基于欧亚开发银行相互投资监测的投资流分析

Summary of Key Points Core Viewpoint - The report analyzes the foreign direct investment (FDI) flows between China and 13 Eurasian countries, highlighting a significant growth in mutual investments despite a global decline in FDI. By mid-2025, China's cumulative direct investment in the Eurasian region is projected to reach $66.1 billion, marking a 13% increase from 2023 and nearly 80% growth over the past decade [1]. Group 1: Investment Dynamics and Trends - China's cumulative FDI in the Eurasian region reached $66.1 billion by mid-2025, with a notable increase of 13% from 2023, and a total increase of nearly 80% over the past decade [1]. - The investment is highly concentrated, with five countries—Russia, Kazakhstan, Uzbekistan, Mongolia, and Turkmenistan—accounting for 90% of the total FDI [1]. - The Central Asian region has become a key investment focus, representing 54.3% of the total, with Uzbekistan's share increasing from 1% to 16% over ten years, contributing 70% to the investment growth in Central Asia [1]. Group 2: Sectoral Structure of Investments - The industry structure of investments is diversifying, with the share of raw materials decreasing from 68% in 2016 to 54% in 2025, while manufacturing and energy sectors have increased to 22% and 12%, respectively [1]. - Initial (greenfield) investments have risen from 43% to 60%, indicating a long-term trend of Chinese companies establishing new capacities locally [1]. - The share of private enterprises in the investment structure has increased from 22% to 27%, reflecting a diversification of capital sources [1]. Group 3: Future Investment Opportunities - The most promising sectors for future investments include manufacturing, renewable energy, transportation and logistics, and agricultural industrial complexes, aligning with the development needs of Eurasian countries [2]. - Investment funding primarily relies on self-owned capital and mixed financing models, with 95% of projects depending on investors' own capital, highlighting a strong commercial orientation [2]. - Large projects span various sectors, injecting continuous momentum into regional economic development [2].