AidData report shows Washington received over $200bn in Chinese credit for nearly 2,500 projects
The United States has emerged as the largest global beneficiary of Chinese official-sector lending, according to a sweeping new study that tracked Beijing’s global credit footprint over more than two decades.
The report, released Tuesday by AidData, a research lab at William & Mary in the U.S., found that China extended $2.2 trillion in loans and grants to 200 countries between 2000 and 2023 far surpassing earlier estimates of its overseas lending portfolio.
Shift toward wealthier nations
While China has long been associated with financing development projects across Africa, Asia and Latin America through the Belt and Road Initiative, researchers say Beijing is now directing most of its lending toward higher-income economies.
According to the report:
Over 75% of China’s recent overseas credit supports projects in upper-middle-income and high-income countries.
Its overall lending portfolio is two to four times larger than widely believed.
China remains the largest official creditor in the world.
AidData’s executive director and lead author Brad Parks said the trend reflects China’s growing focus on geostrategic sectors.
“Much of the lending to wealthy countries is focused on critical infrastructure, minerals, and the acquisition of high-tech assets like semiconductor firms,” Parks noted.
US tops the list
The United States received more Chinese official credit than any other country over $200 billion across nearly 2,500 financed projects or activities, the study said.
Chinese state-owned companies and lenders have been involved in:
LNG facilities in Texas and Louisiana
Data centers in Northern Virginia
Upgrades at JFK Airport and LAX
The Matterhorn Express Natural Gas Pipeline
The Dakota Access Oil Pipeline
The report also says Chinese entities have helped finance acquisitions of U.S. high-tech firms and offered credit facilities to numerous Fortune 500 companies, including Amazon, AT&T, Verizon, Tesla, General Motors, Ford, Boeing, and Disney.
Decline in Global South lending
China’s lending to lower-income nations has sharply declined:
Share of loans to low and lower-middle-income countries fell from 88% in 2000 to 12% in 2023.
Financing for Belt and Road projects in the “Global South” has been significantly scaled back.
Meanwhile, lending to advanced economies has soared.
For example, the United Kingdom received $60 billion, while the European Union collectively received $161 billion in Chinese credit.
