China’s emergence as a major lender has been transformative for global development finance. As of 2017, China had become the world’s largest official lender, surpassing the World Bank, IMF, and Paris Club combined. The China Overseas Development Finance Database details 1,099 Chinese development finance commitments abroad, amounting to $498 billion between 2008 and 2021. This volume of lending equaled 83 percent of the World Bank’s sovereign lending during that time frame, making China’s direct foreign investments some of the most active worldwide. In China’s $80 billion annual development portfolio, the vast majority of loans are targeted toward low-income countries, with significant concentrations in Southeast…
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