中国的绿色飞跃：海外清洁技术制造业投资快速扩大（英）

G E O P O L I T I C A L B R I E FChina’s Green Leap Outward: The rapid scale-up of overseas Chinese clean-tech manufacturing investments A rapid acceleration in overseas investment by Chinese green technology manufacturers is reshaping the global clean-tech landscape. Since 2022 alone, investments have surged past USD 220 billion, spanning sectors such as batteries, solar, wind, new energy vehicles (NEVs), and green hydrogen. These investments now reach 54 countries across every major region. This policy brief offers the first comprehensive overview of China’s expanding global green manufacturing footprint, drawing upon our database. MAIN FINDINGS ●  Investment volume: Chinese firms have pledged at least USD 227 billion across green manufacturing projects. A high-end estimate approaches USD 250 billion. This surge of overseas green manufacturing investment is unprecedented; it now surpasses the USD 200 billion (in current 2024 dollars) invested by the US over four years of the Marshall Plan, at a time of similar American dominance of manufacturing in key industries. 1SEPTEMBER 2025 AUTHORS Xiaokang Xue Mathias Larsen Funding for this project was provided by the William R. Rhodes Center for International Economics and Finance, Watson School of International and Public Affairs, Brown University. Partial funding was provided by NZIPL. The project is a preliminary part of the forthcoming Global Low Carbon Technology FDI database hosted by NZIPL at Johns Hopkins University and GDP Center at Boston University. China’s Green Leap Outwardnetzeropolicylab.com● Post-2022 acceleration: Investments surged beginning in 2022, with 387 projects—over 80% of the total—launched since that year. A record 165 projects were announced in 2024 alone. Since 2022, Chinese firms have committed over USD 210 billion, accounting for approximately 88% of total disclosed capital. ● Sector diversification: Solar dominated pre-COVID, but since 2021, capital has fanned out to battery materials, full battery plants, New Energy Vehicle’s (NEV), charging equipment, wind, and early-stage green hydrogen. ● Regional re-balancing: ASEAN still hosts the most projects, yet 2024 saw MENA’s share jump to over 20 % of new deals; Europe remains key for downstream batteries, while Latin America and Central Asia enter the map. ●  Hot-spots: ● Indonesia—linchpin for nickel-rich battery-material projects and new solar lines. ● Morocco—cathodes and green-hydrogen for EU supply chains. ● Gulf states—solar module and electrolyser manufacturing backed by sovereign offtakes. ● Hungary, Spain, Brazil, and Egypt—sector-specific hubs for batteries, hydrogen, or mixed clean-tech plays. ● The geographic distribution suggests that investment motivations can be categorized into three types: Seeking access to host countries markets, access to third-country markets, or access to raw material inputs. ● Megaprojects: Chinese investments include 60 projects exceeding USD 1 billion. THE CHINA LOW-CARBON