As detailed in the revised Fiscal Strategy for this year, the Serbian government has disclosed a list of 56 capital projects planned for financing over the next three years. This includes significant infrastructure ventures such as highways, railways, and the development of facilities for EXPO 2027, alongside the construction of the National Stadium.
A closer look at the list reveals a striking trend: Chinese companies are the dominant contractors for many of the most important infrastructure projects in Serbia. Out of approximately 25 projects focused on road and railway construction, 17 are being handled by Chinese construction giants or their Serbian subsidiaries.
Power China: Leading the way with major projects
Power China, a state-owned Chinese company, emerges as the biggest player among the contractors. It is currently responsible for some of the most crucial construction, economic, and political projects in Serbia in the past decade, most notably the facilities for EXPO 2027, including the National Stadium.
According to the revised Fiscal Strategy, Power China is tasked with building the National Football Stadium, associated infrastructure, and the EXPO 2027 exhibition space, business zone, and parking lot. The estimated value of these projects totals 247.6 billion dinars (approximately 2.1 billion euros).
Power China is also handling the construction of the first line of the Belgrade Metro, valued at 72.8 billion dinars (623 million euros), as well as the tunnel project between Karađorđeva Street and the Danube slope, with an estimated value of 26 billion dinars. Notably, the Serbian government took a loan of 24.9 billion dinars (212 million euros) from Poštanska Štedionica for this particular project.
The company also manages the section of Belgrade’s ring road from Ostružnički Most to Bubanj Potok, with an estimated value of 44.7 billion dinars (382 million euros), and the construction of a new bridge over the Sava River, valued at 12 billion dinars (102.5 million euros). Additionally, Power China is overseeing the ring road project around Užice.
Power China registered its Serbian branch in April 2017. In 2024, it reported revenues of 25.7 billion dinars, with a profit of 2 billion dinars, compared to a loss of 72.5 million dinars in 2023.
China Road and Bridge Corporation (CRBC): Focused on municipal infrastructure
Another key Chinese contractor in Serbia is China Road and Bridge Corporation (CRBC), which is handling fewer projects but is nonetheless heavily involved in key infrastructure developments. One of CRBC’s largest undertakings is the “Clean Serbia” project, worth 367.9 billion dinars (3.15 billion euros). This project focuses on building municipal infrastructure and waste disposal systems across numerous local governments in Serbia.
CRBC is also working on the construction of the Novi Sad – Ruma high-speed road (Fruškogorski Corridor), valued at 74.4 billion dinars (635.5 million euros), and the bypass bridge around Novi Sad, estimated at 24.7 billion dinars (211.5 million euros).
CRBC registered its Serbian branch in December 2010. In 2023, the company employed 314 people and reported a total income of 25.4 billion dinars, although it recorded a loss of nearly 1 billion dinars for the year.
Chinese consortium tackles Hungarian-Serbian railway
A consortium of two Chinese companies, China Railway International Co Ltd. (CRIC) and China Communications Construction Company Ltd. (CCCC), is responsible for the Hungarian-Serbian railway project. This venture has an estimated value of 155.5 billion dinars (1.32 billion euros), according to the Fiscal Strategy.
In addition to this, CCCC is working on the section of Corridor 11 from Preljina to Požega, valued at 74.4 billion dinars (635 million euros), and the construction of the road from New Belgrade to Surčin, estimated at nearly 12 billion dinars (102 million euros).
Shandong: Another major Chinese player
Shandong Hi Speed, another Chinese contractor, is involved in several critical infrastructure projects, including the construction of the Belgrade – Zrenjanin – Novi Sad highway. This project is estimated at 187.6 billion dinars (1.6 billion euros). Shandong is also working on the Iverak – Lajkovac high-speed road, valued at around 280 million euros, and the Požarevac – Golubac interchange on the Danube Highway, estimated at 61.5 billion dinars (525 million euros).
European and Turkish contractors: A minority presence
While Chinese companies dominate the list, there are a few non-Chinese contractors involved in major state projects. For instance, the reconstruction of the Nis – Dimitrovgrad railway is being carried out by a consortium led by the Bulgarian company Trejs. Austrian company Strabag is responsible for the Nis – Merdare road, and the Ruma – Šabac – Loznica road project is being handled by Azerbaijan’s Azvirt. Turkish company Taşjapi is in charge of the Belgrade-Sarajevo road.
These projects, often supported by the European Union for regional reconciliation, are typically assigned to European companies. In contrast, projects that align with Turkey’s political or economic interests tend to involve Turkish companies, while Chinese firms are entrusted with most other major infrastructure projects.
