China spent $240bn on other countries’ belt and road debts from 2008 to 2021
by Amy Hawkins from on (#6A8G5)
Rise in emergency financing since 2016 correlates with drop in Chinese lending for infrastructure projects
China spent $240bn (195bn) bailing out countries struggling under their belt and road initiative debts between 2008 and 2021, new data shows.
Research found that Chinese state-backed lenders released bailout funds to 22 countries, including Argentina, Pakistan, Sri Lanka and Ukraine. Almost 80% of the emergency rescue lending was issued after 2016, reaching more than $40bn in 2021.
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