中国的绿色飞跃：海外清洁技术制造业投资快速扩大（英）

SEPTEMBER 2025 AUTHORSXiaokang XueMathias Larsen Funding for this project wasprovided by the William R.Rhodes Center forInternational Economicsand Finance, WatsonSchool of International andPublic Affairs, BrownUniversity. Partial fundingwas provided by NZIPL. Theproject is a preliminary partof the forthcoming GlobalLow Carbon Technology FDIdatabase hosted by NZIPLat Johns Hopkins Universityand GDP Center at BostonUniversity. A rapid acceleration in overseas investment by Chinese green technology manufacturersis reshaping the global clean-tech landscape. Since 2022 alone, investments havesurged past USD 220 billion, spanning sectors such as batteries, solar, wind, new energyvehicles (NEVs), and green hydrogen. These investments now reach 54 countries acrossevery major region. This policy brief offers thefirst comprehensive overview of China’sexpanding global green manufacturing footprint, drawing upon our database. MAIN FINDINGS ●Investment volume: Chinesefirms have pledged at least USD 227 billion acrossgreen manufacturing projects. A high-end estimate approaches USD 250 billion. Thissurge of overseas green manufacturing investment is unprecedented; it now surpassesthe USD 200 billion (in current 2024 dollars) invested by the US over four years of theMarshall Plan, at a time of similar American dominance of manufacturing in keyindustries. ●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 announcedin 2024 alone. Since 2022, Chinesefirms have committed over USD 210 billion,accounting for approximately 88% of total disclosed capital. ●Sector diversification: Solar dominated pre-COVID, but since 2021, capital hasfanned 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’sshare 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 sovereignofftakes.●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 categorizedinto three types: Seeking access to host countries markets, access to third-countrymarkets, or access to raw material inputs. ●Megaprojects: Chinese investments include 60 projects exceeding USD 1 billion. THE CHINA LOW-CARBON TECHNOLOGY FDIDATABASE China’s manufacturers have become pivotal actors in the global clean-tech transition,building battery, solar-PV, wind-turbine, and electric-vehicle manufacturing plants acrossthe world. Tracking this industrial footprint is increasingly essential for assessing thesocial, economic, and environmental consequences of China’s role in global supplychains. To provide a rigorous empirical basis for suchassessments, the China Low CarbonTechnology FDI Database was launched in early2025. The database is a preliminary part of thebroader Global Low Carbon Technology FDIdatabase, hosted by NZIPL at Johns HopkinsUniversity and GDP Center at Boston University. The database catalogues 461 green-technology manufacturing projects announcedbetween 2011 and thefirst half of 2025 (methodology in appendix). The 11 low carbon technology types in the database are: batteries, batterymaterials, charging infrastructure, electric buses, electric motorcycles, greenhydrogen, new energy vehicles (NEVs), NEV parts, solar, storage, and wind.Projects are, most centrally, mapped by year, country, clean technology type,company, investment scale, production capacity, and project status. By harmonizing disparate open-source datasets with manual verification, the databaseoffers the most comprehensive, up-to-date map of Chinese green-tech manufacturinginvestment abroad. Its temporal, geographical, and sectoral granularity enablesresearchers to tracefinancing waves, identify emerging hubs, and evaluate how thetiming and composition of Chinese manufacturing commitments shape developmentoutcomes. To cover a bigger scope, the China Low Carbon Technology FDI database will beincorporated into the Global Low Carbon Industrial FDI database, on outward greenmanufacturing investments from all countries. These combined databases are underdevelopment and will be made publicly available in an academic publication in Q1 2026,and will be updated at frequent intervals. The intention of these databases is to allowpolicymakers,financiers, and researchers to track these dynamics and assess howChina’s industrial choices reshape the global decarbonization landscape. INVESTMENTS Figures 1 and 2present a comprehensive overview