我們現在對中國的全球貸款熱潮有了更清楚的認知（2/2）

Recently the New York Times reported the following:

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

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

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More recently, China has scaled back its lending to poorer countries, while extending more credit to wealthier ones like Australia and the United Kingdom. It now lends just as much to high-income countries as to the developing world — $1 trillion, according to AidData.

China’s loans to developed nations are typically lines of credit to governments and major companies. The lenders are often state-owned institutions, like the Bank of China and the Agricultural Bank of China. Some of them are publicly listed and rank among the world’s biggest banks, but many experts regard them warily because they are sometimes required to fulfill the Chinese Communist Party’s policy mandates.

Their financing has flowed to sectors like critical minerals, infrastructure and sensitive technology like semiconductors, areas that experts warn could give Beijing an economic hold on strategic commodity reserves, supply chains and maritime choke points.

“These bankers tend to lend to profitable projects, but they are often also forced to pay attention to the diktats of the Communist Party,” said Andrew Collier, a senior fellow at the Harvard Kennedy School and former president of the Bank of China International in the United States.

“The chairmen of the four biggest state-owned banks are all players at the poker table at the highest level of government in China,” Mr. Collier said.

Chinese state-owned lenders extended more than $335 billion in credit for mergers and acquisitions in dozens of countries, and three-quarters of the funding went to buyers from China in sectors including robotics, biotechnology and quantum information, according to the AidData research.

Some of these deals have since come undone. In 2019, the Chinese company Wingtech Technology acquired a controlling stake in Nexperia, a chipmaker headquartered in the Netherlands. Earlier this year, the Dutch government took control of Nexperia after Washington introduced regulations that would have imposed strict controls on its operations because its Chinese owner was on a sanctions list.

In the United States, Chinese institutions’ funding activities have ranged from day-to-day commercial financing for companies to the bankrolling of construction projects for liquefied natural gas and gas pipelines. They also include financing some of the most scrutinized acquisitions by Chinese companies with close ties to the government.

An attempt by an investor with ties to Beijing to buy the Oregon-based Lattice Semiconductor Corporation was blocked by President Trump during his first term. Not long after, Congress strengthened its review of Chinese investments. It has since become significantly more difficult for China to finance acquisitions in sensitive sectors in the United States.

Translation

我們現在對中國的全球貸款熱潮有了更清楚的認知（2/2）

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更多。

（繼續）

近年來，中國減少了對較貧窮國家的貸款，同時增加了對澳洲和英國等較富裕國家的信貸。根據AidData的數據，中國現在對高收入國家的貸款與對發展中國家的貸款一樣多 - 都是1兆美元。

中國對已開發國家的貸款通常是向其政府和大型企業提供的信貸額度。貸款方通常是國有機構，例如中國銀行和中國農業銀行。其中一些是上市公司，亦有世界其中最大的銀行，但許多專家對它們持謹慎態度，因為它們有時需要履行中國共產黨的政策指示。

他們的融資流向了關鍵礦產、基礎設施和半導體等敏感技術領域。專家警告稱，這些領域可能使北京對戰略商品儲備、供應鏈和海上咽喉要道形成經濟控制。

哈佛大學甘迺迪學院高級研究員、中银国际美國分行前行長Andrew Collier表示:「這些銀行家傾向於向有利可圖的計劃放貸，但他們也常常被迫聽從共產黨的指示」。

Collier先生說: 「四大國有銀行的董事長都是中國最高層政府決策桌上的一員」。

根據AidData的研究顯示，中國國有放貸人向數十個國家的合併與收購交易提供了超過3,350億美元的信貸，其中四分之三的資金貸給了中國的買家，涉及機器人、生物技術和量子資訊等領域。

其中一些交易後來已經告吹。 2019年，中國公司Wingtech Technology收購了總部位於荷蘭的晶片製造商Nexperia的控股權。今年早些時候，由於Nexperia的中國母公司被列入製裁名單，華盛頓方面推出了一系列旨在對其營運實施嚴格管制的法規，荷蘭政府隨後接管了Nexperia。

在美國，中國機構的資助活動涵蓋範圍廣泛，從為企業提供日常商業融資到為液化天然氣和天然氣管道建設項目提供資金支持。此外，他們也為一些與政府關係密切的中國公司進行備受關注的收購提供融資。

在特朗普總統的第一任期內，一位與北京有關聯的投資者試圖收購總部位於俄勒岡州的萊迪思半導體公司，但遭到否決。此後不久，國會加強了對中國投資的審查。自此，中國在美國敏感產業進行收購的難度顯著增加。

So, while China has paid out more than a trillion dollars in loans to the developing world, the United States is another big recipient of China’s financing over the past two decades. Their financing has flowed to sectors like critical minerals, infrastructure and sensitive technology like semiconductors etc. that could give Beijing an economic hold on strategic commodity reserves and supply chains. In recent years, US Congress has strengthened its monitoring over Chinese investments. Since then, it becomes significantly more difficult for China to finance acquisitions in sensitive sectors in the United States.

Note:

Bank of China International Limited (BOCI) (中银国际) is a restricted license bank and one of the largest China-invested banks in overseas markets. It was one of the first investment banks established in China and has been involved in various financial activities, including assisting with the privatization of companies and facilitating listings on the Hong Kong Stock Exchange. BOCI's main business address is in Central, Hong Kong. (Sider Fusion)