A critical part of China’s Belt and Road Initiative (BRI), the China-Europe Railway Express has expanded by more than 20 percent a year in recent years.
However, over the past year, the railway’s growth has slowed dramatically. Its business has declined with most European countries—with the exception of Russia, which now dominates Europe’s trade with China.
After the Russian invasion of Ukraine in February 2022, the focus of the China-Europe Railway Express shifted from the EU to Russia. In the second half of 2022, the Russian business carried by the rail line rose to 80 percent from 50 percent in 2021.
This year, the share of Russian business has surged to 90 percent. Other European countries now make up only 10 percent of the rail line’s business, according to a report from Chinese financial media Caixin on May 19….