Day: April 9, 2020
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The Plunge in Chinese Overseas Lending is a Big Deal. It’s a REALLY Big Deal.
Recent findings by Boston University's Global Development Policy Center that China's two largest policy banks, China Exim Bank and the China Development Bank, sharply curtailed their lending from $75 billion in 2016 to just $4 billion, was a stunning surprise. Long ...
Related Posts
New Database Provides Fresh Insights Into Chinese Lending Practices Around the World
Yesterday's Financial Times headline that "China's overseas lending collapses" dominated the news about Boston University's pioneering new database that tracks lending by two of China's largest policy banks, China Exim Bank and the China Development Bank.
Reaction to New Data That Reveals “Chinese Overseas Lending Collapse”
Findings from Boston University's new database on Chinese development finance patterns that revealed a "collapse" of overseas lending sparked a lot of conversation online yesterday from leading development economists in the U.S. and Europe. The general consensus among the experts was ...
Peking University Professor: Chinese Loan Losses in Asia and Africa Reinforce Painful Lessons Learned in Venezuela
The following is a transcript of a nine-part Twitter thread posted by the prominent China economist Michael Pettis, a professor at Peking University. As I have been writing since 2011, China’s development lending was always likely to follow the ...
China Strikes Financing Deal With Iraq, Providing New Clue to How Beijing Deals With Major Oil Supplying Countries
The Chinese government is reportedly coming to the rescue of the financially stressed Iraqi government with a $2 billion cash payment for a year's worth of oil at current market prices. The five-year agreement, as reported by Bloomberg, provides fresh insights into how China ...
A worker at Sunripe factory in Limuru Town, Kiambu County, Kenya, arranges avocados on August 2, 2022. Image via Xinhua.
There's been a lot of excitement this week in anticipation of tomorrow's start of duty-free access into the Chinese market for 53 African countries. By any measure, this is a big deal, particularly in this new protectionist era when more trade walls are going up then coming down. ...
WHO Fight With the U.S. Highlights Why Africa is So Important to China
African leaders are rallying to the defense of World Health Organization Director-General Tedros Adhanom Ghebreyesus following Tuesday's broadside attack from U.S. President Donald Trump against the health body for failing to move fast enough to contain the COVID-19 outbreak when it first emerged in China ...
With Subtle References to China, the U.S. Steps Up Its Own Global COVID-19 Aid Response
United States Secretary of State Mike Pompeo announced Tuesday that Washington would almost double funding for COVID-19 relief programs around the world. "Today I can confirm that we are prepared to commit an additional $225 million in health, humanitarian, and economic assistance to further boost response efforts ...
Chinese Foreign Ministry Spokesman Responds to Ghana Finance Minister’s Request for Debt Relief
The Chinese government provided its first comment regarding the appeals for African debt relief. Foreign Ministry Spokesman Zhao Lijian addressed the issue at his regular press briefing in Beijing on Tuesday: REUTERS CORRESPONDENT: "First question, there was a ...
Ghana’s Finance Minister is the First High-Level African Official to Publicly Call on China for Debt Relief
Ghana's Finance Minister Ken Ofori-Atta became the first senior-level African official to specifically call on China for help in relieving the spiraling African debt crisis. Until now, African leaders had issued general appeals to the "international community" for debt relief but never mentioned any individual creditors like ...
If African Leaders Expect China to Cancel Their Debts, They’re Probably Going to be Disappointed
It's been just over two weeks since Ethiopian Prime Minister Abiy Ahmed issued the first call on behalf of African leaders for emergency debt relief. Since then, there hasn't been much movement on the issue in part because those appeals were broadly targeted at "international ...