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New Report: China Is Now the Major Lender of Last Resort for Developing Countries

Countries marked in red have received rescue lending from China, either by making drawdowns on their RMB swap lines and/or by receiving balance of payments support from Chinese state-owned banks and enterprises. Swap drawings by non-distressed countries are excluded. Source: AidData.

China has spent $240 billion in rescue payments to 22 economically distressed Belt and Road economies between 2008 and 2021.

A new report published by AidData, the research center at the College of William and Mary, and co-authored with researchers at the World Bank, Harvard Kennedy School and the Kiel Institute for the World Economy, traced two forms of lending: currency swap lines and direct bridging loans.

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