我們現在對中國的全球貸款熱潮有了更清楚的認知（1/2）

Recently the New York Times reported the following:

We Now Have a Better Picture of China’s Global Lending Spree (1/2)

Beijing has used loans to developing nations to expand its influence, but a new study says no country has received more Chinese financing than the United States.

The NYT - By Alexandra Stevenson

Nov. 18, 2025

Updated 10:49 a.m. ET

As one of the world’s most prolific lenders, China has paid out more than a trillion dollars in loans to the developing world to fund roads in Africa, ports in South America and railroads in Central Asia.

But the biggest recipient of its financing over the past two decades has been the United States, where Chinese banks have extended $200 billion in financial support to American companies and projects, according to AidData, a research institute at the College of William and Mary in Williamsburg, Va.

The money poured into the construction of pipelines, data centers and airport terminals, and it helped to grease the wheels of corporate financing for U.S. companies like Tesla, Amazon, Disney and Boeing. By 2017, some of this financing started to raise alarms in Washington.

In all, Chinese state-owned firms have provided $2.2 trillion in loans and grants around the world since 2000, a figure two to four times larger than previously thought, according to Brad Parks, the lead author of a report that AidData released on Tuesday, which draws on information from more than 30,000 projects in over 100 countries.

Covering the period from 2000 to 2023, the study provides a fuller picture of China’s role as an international creditor. It outlines how Beijing has used its financial resources to position itself in strategic sectors and establish potential supply chain chokeholds. It touches on deals that continue to raise concerns in the West, like the acquisition of Nexperia, a company recently thrust into the middle of a geopolitical battle for control of semiconductor supply chains.

Most of China’s financing in the developing world has been loans to governments for big projects, but that has increasingly shifted to emergency lending as the borrowing countries have fallen deep into debt. In the developed world, Beijing’s focus has been more commercial. The AidData figures do not include China’s $730 billion holdings of U.S. Treasury securities.

Since 2000, China has become a financial powerhouse, with deep-pocketed, state-owned financial institutions and policy banks that have a mandate to fulfill Beijing’s political ambitions. Its overseas lending accelerated after 2013 under its top leader, Xi Jinping, who used China’s coffers to shell out more than $1 trillion in loans for infrastructure projects in developing countries through its Belt and Road Initiative.

That sprawling program gave Beijing leverage in parts of the world that had been overlooked by Western powers. The program has been criticized for creating unaffordable levels of debt and for directing contracts to China’s own companies, which, at times, has resulted in problematic projects.

(to be continued)

Translation

我們現在對中國的全球貸款熱潮有了更清楚的認知（1/2）

北京一直利用向發展中國家提供的貸款來擴大其影響力，但一項新的研究表明，沒有一個國家獲得的中國融資比美國獲得的更多。

中國作為全球最活躍的貸款國之一，已向發展中國家提供了超過一兆美元的貸款，用於資助非洲的公路、南美洲的港口和中亞的鐵路建設。

但過去二十年來，中國最大的融資受益者是美國。根據位於維吉尼亞州威廉斯堡威廉與瑪麗學院的研究機構AidData的數據顯示，中國銀行已向美國公司和項目計劃提供了2,000億美元的財務支持。

這些資金湧入建設管道、數據中心和機場航站樓的，並幫助特斯拉、亞馬遜、迪士尼和波音等美國公司順利獲得企業融資。到2017年，部分融資活動開始引起華盛頓的警覺。

AidData週二發布的一份報告顯示，自2000年以來，中國國有企業在全球範圍內提供了總計2.2萬億美元的貸款和贈款，這一數字是此前估計的兩到四倍。報告的主要作者Brad Parks指出，這份報告的數據來自100多個國家的3萬多個項目。

該研究涵蓋2000年至2023年期間，全面展現了中國作為國際債權國的角色。研究概述了北京如何利用其金融資源在戰略領域佔據有利地位，並建立潛在的供應鏈中的鎖喉位。研究也提及了一些持續引發西方擔憂的交易，例如收購Nexperia - 這家公司最近被捲入了一場爭奪半導體供應鏈控制權的地緣政治遊戲之中。

中國在發展中國家的大部分融資最初是向各國政府提供大型專案貸款，但隨著借款國深陷債務危機，這種融資方式逐漸轉向緊急貸款。在已開發國家，北京的關注點則更偏向商業方面。 AidData的數據不包括中國持有的價值7,300億美元的美國國債。

自2000年以來，中國已成為金融強國，擁有財力雄厚的國有金融機構和政策性銀行，這些機構和銀行的職責是實現北京的政治目標。自2013年起，在最高領導人習近平的領導下，中國的海外貸款規模大幅擴大。習近平利用中國國庫，透過「一帶一路」倡議，向發展中國家的基礎設施項目提供了超過1兆美元的貸款。

這項龐大的計劃使北京在西方國家忽視的地區獲得了影響力。然而，該計劃也因造成難以承担的巨額債務, 以及將項目合約優先授予中國企業而飽受詬病，後者有時會導致出現一些有問題的項目。

（待續）