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2w ago

AidData Says China’s State-Backed Lending Hit $2.2 Trillion, With the U.S. as Top Recipient

A new reconstruction finds opaque, state-directed credit targeted wealthy nations’ strategic assets, intensifying national‑security scrutiny.

A pedestrian walks past the headquarters of the People's Bank of China in Beijing last month.
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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 tracks Chinese official lenders extending about $2.2 trillion across 2000–2023, with the United States receiving more than $200 billion across roughly 2,500 projects; other major destinations include the EU at $161 billion and the UK at $60 billion.
  • More than three-quarters of recent overseas finance went to upper‑middle and high‑income countries and concentrated on critical infrastructure, critical minerals and high‑tech assets aligned with Beijing’s strategic priorities.
  • AidData links the lending pattern to party‑state policy direction, including initiatives such as Made in China 2025 that encouraged financing tied to advanced technologies and industrial capabilities.
  • Researchers found extensive use of offshore channels and shell firms—such as in the Cayman Islands, Bermuda and U.S. jurisdictions—as well as foreign bank branches that obscured the origin and purpose of funds.
  • In the U.S., Chinese state-linked credit ranged from corporate liquidity facilities to financing acquisitions and infrastructure like energy pipelines, power lines and airport terminals, while regulators have tightened reviews and China has expanded lending through more than 100 overseas branches.