China is catching up to the Western-dominated International Monetary Fund and World Bank and is exceeding other governments as the largest official lender to wide swaths of the developing world
New research has shown that China is becoming a growing lender of last resort in bailing out countries through credit swap lines from the People’s Bank of China. | Mark Schiefelbein/AP PhotoWhen global leaders grappled with whether to write off poor countries’ debts more than two decades ago, Bono was the central character.. But the geopolitical power struggle between the U.S.
Yet the conflict also highlights a new potential fault line in the global economic order: China is pursuing a parallel system of development finance that challenges the Western model of providing assistance and negotiating debt relief with borrowers, which has been dominant since the end of World War II.
The issue will come to a head on April 12 when the two institutions host the Global Sovereign Debt Roundtable, which is meant to address the broader terms of restructuring sovereign debt in distressed countries. “I’m very, very concerned about some of the activities that China engages in globally, investing in countries in ways that leave them trapped in debt and don’t promote economic development,” Yellen told U.S. lawmakers last month. “We are working very hard to counter that influence in all of the international institutions that we participate in.
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