China's Overseas Lending Shifts Focus as It Becomes Top Global Creditor
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Chinese lending to developing countries totaled $1.34 trillion from 2000-2021, shifting from infrastructure to rescue financing.
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Lending commitments peaked in 2016 at $136 billion but remained substantial in 2021 at $80 billion.
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Sources of lending have diversified from China's policy banks to its central bank and foreign exchange reserves.
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China is now the world's largest official debt collector, with increasing overseas loans in renminbi and overdue payments.
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Destinations have shifted from Africa to Europe, with syndicated loans alongside Western banks rising to half of non-emergency lending.