China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building “Belt and Road” infrastructure, a study showed. | Reuters
Chinese loans to countries in debt distress soared from less than 5 percent of its overseas lending portfolio in 2010 to 60% in 2022, the study found.
The People’s Bank of China’s swap lines accounted for $170 billion of the financing, including in Suriname, Sri Lanka and Egypt. Bridge loans or balance of payments support by Chinese state-owned banks and companies was $70 billion. Rollovers of both kinds of loans were $140 billion. China’s rescue lending is “opaque and uncoordinated,” said Brad Parks, one of the report’s authors, and director of AidData, a research lab at The College of William & Mary in the United States.
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