In 2025, investment in China’s domestic manufacture and deployment of clean electric power, transportation, and industry reached $849 billion, a slight decrease of 3% from the 2024 peak, but a tripling of levels seen only seven years ago. While investment in deploying electric vehicles continued its rise, reaching record levels at $420 billion, investment in clean electric generation dipped slightly, and new investments in clean technology manufacturing saw a significant reduction in 2025.
Rhodium Group and MIT CEEPR’s Clean Investment Monitor is a comprehensive database of actual investment across China in:
Electric Power: The installation of clean electricity generation and storage.
Transport: The purchase of clean light, medium and heavy-duty electric vehicles.
Manufacturing: The construction or expansion of factories that manufacture solar, wind, EVs, batteries, and key critical mineral inputs.
Industry: New or expanded facilities to produce decarbonized industrial products, including clean iron & steel, cement and sustainable aviation fuel.
Investments in Manufacturing and Industry are updated on a quarterly basis. To create a historical baseline against which to assess recent clean manufacturing and industry investment developments across the world, CIM includes all quarterly investments in our covered technologies since 2018. This results in a database with over 4,112 projects located at over 2,416 facilities across China as of Q3 2025. Greenfield facilities are included in our actual investment estimates only when it’s confirmed that they have broken ground, regardless of originally reported timelines.
Investment in building and installing new clean energy projects, along with purchases of clean vehicles—what we refer to as “deployment”—has grown substantially since 2018, as these sectors have become key drivers of China’s economic growth, its push for energy security, and a way to absorb excess output from domestic manufacturers. In the electric power sector, investment grew from approximately $153 billion in 2018 to roughly $368 billion in 2025, more than doubling over the period. The transport sector saw an even steeper ramp, reflecting the rapid uptake of electric vehicles. Investment rose from approximately $76 billion in 2018 to roughly $420 billion in 2025, a nearly six-fold growth over seven years. While investments in light-duty vehicles have dominated, investment in medium and heavy-duty trucks have grown rapidly as China leads the world in freight electrification.
Although capital investments in manufacturing and industry in China rose steadily through mid-2023, new investments have seen a steady quarter-on-quarter decline since their peak in Q4 2023, reflecting a rebalancing of manufacturing capacity. In 2025, actual investment in manufacturing and industry totaled $60 billion, a 54% decline from 2024 levels and an over 68% reduction from the $189 billion peak in 2023.
Clean technology manufacturing investment since 2018 has been most heavily concentrated in Jiangsu, which has attracted a cumulative total of $111 billion over the past seven years. Other top provinces include Anhui ($79 billion), Sichuan ($68 billion), Zhejiang ($63 billion), Inner Mongolia ($46 billion), and Hubei ($43 billion). These six provinces have attracted more than half of the total domestic clean technology manufacturing investment in China since 2018.
New manufacturing investment announcements reached $49 billion in 2025, a drop of 40% from 2024 levels of $83 billion. Battery projects made up over three-quarters of new investment announcements in 2025, a stark departure from 2023 and 2024,where solar dominated new investment announcements.
Looking across the wide range of clean technology manufacturing projects across China, we find that the majority of investments in wind, cement, and EVs are operational, and fewer projects are in construction or are awaiting construction to commence. On the opposite end of the spectrum, the vast majority of investments for emerging technology sectors—including clean iron & steel and sustainable aviation fuel (SAF)—are not yet operational. Across batteries, solar, and critical mineral investments, just over half are operational. Most cancellations to date have occurred in the EV sector, though batteries have seen a small share of cancellations as well.
