Chinese lending to African countries plunged to below a billion dollars in 2022, the lowest level in two decades, according to new data from the Global Development Policy Center at Boston University. The findings confirm that the era of Beijing financing large-scale infrastructure projects on the continent is now officially over.

Instead, Chinese creditors are focusing on smaller, more sustainable initiatives in green energy and telecommunications, among others. But this new, austere engagement strategy is going to fundamentally change China’s relationship with the continent that, in many ways, was buttressed by once-generous loans.