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Like a growing number of countries before it, China’s government recently pledged to achieve carbon neutrality by 2060. At the same time, governments around the world have pledged trillions of dollars in stimulus programs to counteract the economic fallout from the COVID-19 crisis. Achieving these carbon reduction targets requires that a significant part of this stimulus spending be directed towards so-called green investment. In this report we analyze what share of China’s infrastructure spending has been allocated to green projects so far, and what can be expected going forward.