A new study by AidData, the research lab at the College of William & Mary, finds that China is undergoing a major strategic shift in its overseas lending. Over the past two decades, China’s outbound credit has moved away from low-income and developing countries and toward middle- and high-income economies. The share of Chinese cross-border lending going to low-income countries fell from 88 percent in 2000 to just 12 percent in 2023, while lending to wealthier countries surged to about 76 percent.
Strikingly, the United States is now the largest recipient of Chinese credit, receiving more than $200 billion across over 2,500 projects spread throughout all U.S. states.
The study notes that many of these loans are tied to strategic, not purely commercial, objectives – particularly in high-tech industries, critical minerals, and infrastructure. China’s state-backed financial institutions frequently fund overseas acquisitions by Chinese companies in sectors such as semiconductors, robotics, and biotechnology. This marks a shift from traditional development finance toward lending that directly supports China’s industrial and strategic ambitions.
Analysts say the report raises broader questions about the nature of China’s cross-border financing and its implications for global competition, technology governance, and national-security risk. They caution that China’s “credit pivot” toward richer countries may reshape the landscape of international development finance and heighten concerns among borrowing states.
Source: Deutsche Welle, November 19, 2025
https://www.dw.com/zh/研究中国跨境信贷转向发达国家-美国借的最多/a-74793625