The Eurasian Development Bank (EDB) reports that China is now the largest foreign investor in Central Asia, surpassing Russia after a decade of growing investments in oil, gas, mining, and transportation infrastructure.
According to EDB, China took the top spot from Russia by pouring money into Kazakhstan, Uzbekistan, and Turkmenistan, which together received about 90 percent of China’s investments since 2015. The crown jewel of these investments is a $9.4 billion oil field in Turkmenistan, managed by the state-run China National Petroleum Corporation (CNPC).
Uzbekistan saw a 500-percent surge in Chinese investment over the last five years, as…
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