Almost 80% of the rescue lending was made between 2016 and 2021 theSun theSundaily business China loans WorldBank economy
Commuters waiting at a bus stop near a construction site at central business district in Beijing. China has lent hundreds of billions of dollars to build infrastructure in developing countries. – AFPpicChina spent US$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 & Road” infrastructure, according to a study published on Tuesday .
“Beijing is ultimately trying to rescue its own banks. That’s why it has gotten into the risky business of international bailout lending,” said Carmen Reinhart, a former World Bank chief economist and one of the study’s authors. People’s Bank of China swap lines accounted for US$170 billion of the rescue financing, including in Suriname, Sri Lanka and Egypt. Bridge loans or balance of payments support by Chinese state-owned banks was US$70 billion. Rollovers of both kinds of loan were US$140 billion.
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