Direct non-financial investments by Chinese companies in countries participating in the “Belt and Road” initiative reached $39.67 billion in 2025, a 17.6% increase from the previous year, according to Ma Shengkun, China’s ambassador to Ukraine.
“Through direct investment, project contracting, and development financing, China has contributed to improving local infrastructure, modernizing industry, and raising the standard of living,” the diplomat wrote in a column on the Interfax-Ukraine website.
According to the data he cited, Chinese investment in Africa grew by 41% in 2025.
Chinese companies have established overseas trade and economic cooperation zones in 46 countries, with total investment in these zones approaching $80 billion.
As an example of industrial cooperation, Ma Shenkun cited a project by the Chinese battery manufacturer CATL in Indonesia. It involves establishing a complete production cycle for traction batteries—from the extraction and processing of nickel and the production of battery materials to the manufacturing and assembly of finished batteries.
According to data cited by the ambassador, the total volume of China’s direct non-financial foreign investment in 2025 reached $145.66 billion.
Ma Shengkun also cited World Bank estimates, according to which the full implementation of transportation projects under the “Belt and Road” initiative has the potential to reduce transit times along the relevant corridors by up to 12% and increase trade among countries located along them by 2.8–9.7%.
As previously reported, China is Ukraine’s largest trading partner. According to calculations by the Experts Club information and analytical center, trade between the two countries in the first half of 2026 totaled $14.68 billion. At the same time, Ukraine imported $13.9 billion worth of Chinese goods and exported $778.4 million worth of goods to China, resulting in a trade deficit of $13.12 billion.
China accounted for 21.9% of Ukraine’s trade with its 50 largest partners and 29.4% of imports from this group of countries. Trade with China accounted for approximately 47.3% of Ukraine’s total trade deficit with its top 50 partners.
According to the State Customs Service, from January through August 2026, imports of goods from China to Ukraine had already exceeded $19.6 billion, maintaining China’s position as the top supplier to the Ukrainian market.
China’s role in Ukraine’s foreign trade is analyzed in more detail in a study by Experts Club and Active Group, published on September 18, 2026.
Astana and Beijing signed 50 commercial agreements totaling $8.2 billion during the “Kazakhstan–China” investment forum in Almaty, according to the press service of the President of Kazakhstan.
In particular, an agreement was signed on the construction of an electrolytic aluminum plant and an accompanying wind power plant in the Abai region (Eastern Kazakhstan), as well as on the construction of a particleboard plant in Semey (Semipalatinsk). The document was signed by the regional governor and a consortium of companies comprising Xinjiang Sanbao Industrial Group Co., Ltd. and Inner Mongolia Wanjiang Investment Co., Ltd.
An agreement on joint project development was signed between Samruk-Energo JSC, China Energy Overseas Investment Co., Ltd., and SANY Renewable Energy Co., Ltd.
In addition, a document outlining the basic terms for establishing a specialized investment fund—focused on financing promising projects in Kazakhstan—at the Astana International Financial Center was signed between JSC “NC ‘Kazakh Invest’” and Silk Road Finance Corporation.
An agreement on cooperation in the construction of wind power plants with a total capacity of 450 MW in the Akmola Region was concluded between the regional administration and Sungrow Renewable Development Co., Ltd.
A memorandum of understanding regarding the implementation of the project “Creation of a High-Tech Automobile Manufacturing Complex for the Production of Passenger and Special-Purpose Vehicles” was signed between the administration of the East Kazakhstan Region and the Kazakh-Chinese joint venture East Motors Corporation.
In addition, cooperation agreements were signed between the Turkestan Region and Turan Chemical Company LLC regarding the construction of a urea fertilizer plant.
An agreement on cooperation in organizing and supporting the issuance of dim sum bonds on the Hong Kong Stock Exchange (HKEX) was signed between the Mayor of Almaty and Guotai Junan Securities (Hong Kong) Limited.
An agreement was signed for the construction of a multifunctional complex featuring an international-brand hotel and a business center between the mayor of Almaty, Everest Development, and SunnyWorld Group.
An agreement was concluded on the preliminary terms for financing investment projects in priority economic sectors between the Development Bank of Kazakhstan and the Astana Branch of China Construction Bank Corporation.
India continues to strengthen its position as the world’s second-largest steel producer and is gradually closing the gap with China, according to data from the World Steel Association (Worldsteel) published on September 24, 2026.
From January through August 2026, Indian steelmakers produced 115.9 million metric tons of steel, a 6% increase compared to the same period last year. During the same period, China’s production fell by 3.1% to 651.9 million metric tons.
According to Open4Business calculations based on Worldsteel data, India produced approximately 109.3 million metric tons of steel in the first eight months of 2025, while China produced approximately 672.8 million metric tons. Thus, the absolute gap between the two largest producers over the year narrowed from approximately 563 million to 536 million metric tons, or by nearly 5%.
The ratio of production volumes is also shifting in India’s favor. While China produced about 6.2 times more steel than India from January through August of last year, that figure fell to about 5.6 times in 2026.
This trend continued in August. India increased its steel output by 4.6% year-over-year—to 14.8 million metric tons—while production in China fell by 3.7%—to 74.6 million metric tons. (World Steel Association)
India also more than doubles the output of the United States, which ranks third among the world’s largest producers. U.S. steelmakers produced 57.5 million metric tons of steel from January through August, increasing output by 5.5%. Japan produced 54 million metric tons, Russia—43.8 million metric tons, and South Korea—42.8 million metric tons.
Thus, India’s output over the eight-month period is already roughly double that of the U.S. and more than double that of Japan.
India accounted for about 9.5% of all steel produced by the 70 countries that provide statistics to Worldsteel, while China’s share was about 53% and the U.S.’s was about 4.7%. These 70 countries accounted for approximately 98% of global steel production in 2025.
The difference is particularly noticeable against the backdrop of the industry’s overall stagnation. From January through August, global steel production fell by 0.7% to 1.225 billion metric tons, while India continued to show steady growth. In August, global production declined by 1.2% year-over-year to 144.2 million metric tons.
Vietnam remains another fast-growing Asian producer. Over the eight-month period, it increased its output by 29.1%—to 20.6 million metric tons—with growth reaching 36.4% in August alone. Overall, however, steel production in Asia and Oceania has declined by 0.9% since the beginning of the year—to 906.4 million metric tons—primarily due to trends in the Chinese market.
China, meanwhile, maintains a huge lead and remains the undisputed leader in the global steel industry. However, the diverging trends of the two largest producers indicate a gradual increase in India’s share of the global steel industry.
Original source: World Steel Association — August 2026 crude steel production
Global steel production in August 2026 fell by 1.2% compared to August of last year, to 144.2 million metric tons, according to data from the World Steel Association (Worldsteel) published on September 24.
The statistics cover 70 countries, which accounted for about 98% of global steel production in 2025. From January through August 2026, they produced 1.225 billion metric tons of steel, which is 0.7% less than a year earlier.
China remains the largest producer, having produced 74.6 million metric tons of steel in August, a 3.7% year-over-year decline. Thus, China accounted for more than half of global output.
India, which ranks second, increased production by 4.6% to 14.8 million metric tons. The United States increased production by 3% to 7.3 million metric tons, while Japan increased production by 0.4% to 6.7 million metric tons.
Russia produced about 5.5 million metric tons of steel, down 0.3% from August of last year, while South Korea increased production by 2.6% to 5.4 million metric tons.
Turkey produced about 3.4 million metric tons of steel, which is 0.4% less than last year’s figure. Brazil’s production fell by 6.2% to 2.7 million metric tons, while Germany increased its output by 1.7% to 2.6 million metric tons.
Among the largest producers, Vietnam showed the strongest growth: the country’s steel production rose by 36.4% to 2.7 million metric tons.
From January through August, China produced 651.9 million metric tons of steel, which is 3.1% less than a year earlier. India increased production by 6% to 115.9 million metric tons, and the United States by 5.5% to 57.5 million metric tons.
The top ten producers since the beginning of the year also include Japan (54 million metric tons), Russia (43.8 million metric tons), South Korea—42.8 million metric tons, Turkey—26.6 million metric tons, Germany—23.9 million metric tons, Brazil—21.8 million metric tons, and Vietnam—20.6 million metric tons.
Vietnam has also shown the fastest growth among this group since the beginning of the year—approximately 29%. Production in Russia fell by 5.1%, in China by 3.1%, and in Brazil by 1.8%.
Canada ranked first in terms of the balance of positive and negative attitudes among Ukrainians among Ukraine’s 50 largest trading partners, while China, which leads in trade turnover, received the lowest indicator, and attitudes toward Poland deteriorated significantly, according to the results of a study by Active Group and the Experts Club information and analytical center.
According to the published ranking, the balance of positive and negative assessments of Canada amounted to plus 73.8 percentage points. It was followed by Sweden – plus 70.6 p.p., the Netherlands – 69.7 p.p., Finland and Norway – 69.3 p.p. each, France – 69.1 p.p., Italy – 67.1 p.p., Lithuania – 65.9 p.p., Switzerland and the United Kingdom – 65.6 p.p. each.
This indicator is the difference between the shares of positive and negative responses. In particular, 76.3% of respondents have a positive attitude toward Canada, 2.5% have a negative attitude, and 19.2% have a neutral attitude.
The worst balance was recorded for China – minus 25.4 p.p.: 18.2% of respondents assess it positively, 43.6% negatively, and 33.9% neutrally. India also has a negative indicator – minus 14.3 p.p., Hungary – minus 12.7 p.p., and Lebanon – minus 9.2 p.p.
Doctor of Sociological Sciences and head of the Kyiv branch of the Sociological Association of Ukraine Olga Bezrukova called China an illustrative example of the gap between the scale of economic interaction and the country’s public image.
“We saw that China is Ukraine’s largest economic partner in terms of total trade turnover, but this is in no way converted into a positive public image. This shows that Ukrainian citizens clearly distinguish between the pragmatism of economic interaction and the overall assessment of a state. Economic dependence and interaction do not equal public sympathy for this country,” she emphasized at a press conference at the Interfax-Ukraine agency on Tuesday.
One of the most noticeable changes was the deterioration in attitudes toward Poland. While in March 2026 the balance of assessments stood at plus 41.7 p.p., in August positive and negative responses were practically equal, with a slight predominance of negative ones. A positive attitude was expressed by 34.6% of respondents, a negative one by 37%, and a neutral one by 25.4%.
“At the beginning of the invasion, Poland was perceived almost as the main partner. We asked about the rapprochement between Ukraine and Poland, political and economic, even about uniting into some kind of common union, and we saw enormous positive results. But here we see: Poland seemingly still remains a key partner, but the idea of unification has already been forgotten, and we see stable negativity,” said Active Group founder Andriy Yeremenko.
He linked the deterioration in assessments to the position of part of the Polish authorities, which he considers anti-Ukrainian.
At the same time, the balance of attitudes toward Hungary improved from minus 33.6 p.p. in March to minus 12.7 p.p. in August, although negative assessments still prevail. For the United States, the indicator rose from plus 19.4 to plus 38.4 p.p. Some 55% of respondents have a positive attitude toward the United States, 16.6% a negative attitude, and 25.6% a neutral attitude.
When asked who contributes most to achieving peace in Ukraine, 44.6% of respondents named European Union countries, 25.2% the United States, 23.3% the United Kingdom, 4.1% China, 1.8% India, and 1% Brazil. Regarding priority development of trade and economic relations, 69.9% chose EU countries and the United Kingdom, 11.9% the United States, and 8.4% China.
According to Bezrukova, assessments of the U.S. role in achieving peace remained relatively stable throughout the three waves of the study.
“General sympathy toward a country and an assessment of its functionality at the international level are related but not identical things. Images of countries are multidimensional. A person may change their emotional attitude toward a state but continue to recognize its international weight,” the sociologist explained.
Another model, she said, is demonstrated by India: 48.3% of respondents express a neutral attitude toward it, but among formed assessments negative ones prevail – 31.5% versus 17.2% positive.
The economic indicators were presented by Experts Club founder, deputy director of the Interfax-Ukraine agency and PhD in Economics Maksym Urakin. According to State Customs Service data cited by him, in the first half of 2026 Ukraine’s trade turnover amounted to $70.3 billion, exports to $21 billion, and imports to $49.3 billion. The negative balance of trade in goods reached $28.3 billion.
“If we compare this with the first half of 2025, there was also an imbalance then, but now exports have increased by approximately 5%, while imports have risen by almost 30%. That is, the deficit increased by more than $10 billion over the year. Therefore, it is very important for us to analyze our main partners,” he emphasized.
According to the materials presented, trade turnover with China in January-June amounted to about $14.68 billion. Ukraine exported $778 million worth of goods to China and imported $13.90 billion, forming a deficit of approximately $13.12 billion. Poland remained the largest buyer of Ukrainian goods, with a volume of $2.38 billion. Türkiye ranked second among export markets with $1.78 billion, and Italy third with $1.28 billion.
In terms of total trade volume, China is followed by Poland – $7.05 billion, Türkiye – $4.90 billion, Germany – $4.48 billion, and the United States – $3.07 billion. Yeremenko highlighted Türkiye as an example of a combination of significant trade turnover and predominantly positive perception: 52.3% of respondents have a favorable attitude toward it, while 7.4% have a negative attitude.
Urakin separately drew attention to partners with which trade provides Ukraine with a positive balance. In the first half of the year, the largest was with Spain – $578.1 million, Egypt – $527.1 million, and Moldova – $467.2 million. They were followed by Algeria – $309.2 million, the Netherlands – $221.5 million, and Lebanon – $220.5 million. Libya, Tunisia, Iraq, and Yemen also entered the top ten.
At the same time, neutral attitudes prevail toward a number of these partners. Egypt is assessed neutrally by 61.3% of respondents, Algeria by 65.8%, and Tunisia by 67.3%. Participants in the press conference linked this to insufficient awareness among Ukrainians about these countries and emphasized the need for more active economic and public diplomacy.
“It is necessary to develop not only general awareness better. First of all, business associations, the Ministry of Economy and the Ministry of Foreign Affairs need to work to develop bilateral relations and improve the balance. In conditions where Ukraine already lacks financing and we live, essentially, at the expense of external borrowing, cooperation should be expanded with countries where we can have a positive balance,” said Active Group director Oleksandr Pozniy.
Urakin recommended that embassies accredited in Ukraine ensure full communication in the Ukrainian language, openness to the media, and regular reporting on the results of cooperation.
“The first recommendation is to regularly show concrete deeds, concrete actions, the presence here of foundations, embassies, teams, diplomats in the humanitarian sphere and in science. Second, to be open to questions and requests from the media and the public. We also need to use our sociology to draw conclusions and cement our relations, primarily trade relations,” he added.
This is the third wave of the study; the previous ones were conducted in August 2025 and March 2026. The survey was conducted in August 2026 using self-completed online questionnaires in the SunFlowerSociology panel. A total of 800 Ukrainian citizens aged 18 and over were surveyed. According to the organizers, the sample is representative by age, gender and region, and the stated maximum theoretical statistical margin of error at a 95% confidence level is 3.5%.
ACTIVE GROUP, CANADA, CHINA, EXPERTS CLUB, POLAND, PUBLIC OPINION, TRADE, UKRAINE, UNITED STATES
According to Experts.news, Ukraine increased its imports of transformers, inductors, and chokes by 49% in January–August 2026 compared to the same period last year—to $1.02 billion—with China accounting for nearly 88% of all shipments of these products, according to data from the State Customs Service.
Over the eight-month period, Ukraine imported $890 million worth of transformers, inductors, and chokes from China, accounting for 87.7% of total imports in this product category.
A year earlier, imports from China totaled $563.4 million, or 82.7% of Ukraine’s imports. Thus, over the course of the year, China not only significantly increased the volume of its exports but also raised its share of the Ukrainian market by approximately 5 percentage points.
Turkey and Germany remained other major suppliers. Turkey accounted for about 3% of imports, while a year earlier its share was 2.5%. Germany’s share, conversely, fell from 5.8% to 1.4%.
The growth rate of transformer equipment imports has been gradually slowing throughout 2026. In the first quarter, imports increased by 81% year-over-year; in the first half of the year, by 63%; and from January through August, growth stood at 49%.
In August 2026, Ukraine imported transformers, inductors, and chokes worth $115.7 million, which is 7.7% more than in August of last year.
The high volume of purchases of transformer equipment persists amid the need to restore and modernize Ukraine’s energy infrastructure.
In March 2026, the Cabinet of Ministers removed transformers from the list of goods that could be imported on preferential terms under agreements with the EU Secretariat. In May, the European Business Association appealed to First Deputy Prime Minister and Minister of Energy of Ukraine Denys Shmyhal with a proposal to temporarily exempt certain types of power transformers from import duties and VAT.
At the same time, Ukraine continues to export its own transformers and related electrical equipment. From January through August 2026, the value of these exports totaled nearly $24.8 million, compared to $19.9 million a year earlier. The main export markets were Germany, Poland, and Hungary.
By comparison: for the full year of 2025, Ukraine imported transformers, inductors, and chokes worth $1.12 billion, which was 88% higher than the 2024 figure. Imports from China rose 2.3-fold during that period—to $957.3 million.
Thus, in just the first eight months of 2026, the volume of Ukraine’s imports of these products approached the figure for the entire previous year, and China further solidified its status as a key supplier of transformer equipment to the Ukrainian market.
