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11h ago

AidData Reveals $2.2 Trillion in Chinese State Lending, With the U.S. as Top Recipient

Researchers say state-directed finance now targets wealthy economies through opaque offshore channels to secure strategic assets.

A pedestrian walks past the headquarters of the People's Bank of China in Beijing last month.
The national flag flies in front of China's central bank in Beijing in 2022. In Canada, China has built a US$21.3-billion portfolio of official-sector finance, according to an investigation by U.S.-based AidData.
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Overview

  • The dataset reconstructs roughly $2.2 trillion in official-sector finance from 2000–2023 across about 30,000 projects by state-controlled creditors.
  • More than three-quarters of recent lending backs projects in upper‑middle and high‑income economies, targeting critical infrastructure, minerals, and advanced technology.
  • The U.S. received over $200 billion across roughly 2,500 projects, including syndicated liquidity lines for major firms and financing for energy and transport assets.
  • AidData says flows were frequently offshored through shell entities and foreign branches in places like the Cayman Islands, Bermuda, and Delaware, masking Chinese origins.
  • China remained the largest official creditor in 2023 at about $140 billion in lending, as Western responses tightened screening such as CFIUS reviews and explored a larger DFC mandate.