HONG KONG, Nov 19 — The United States (US) is the biggest recipient of China's lending activities globally, according to a study which tracked Beijing's credit activities and found it is increasingly lending to higher-income countries over developing countries.
The report, published on Tuesday by AidData, a research lab at the US university William and Mary, said China's lending and grant giving totalled US$2.2 trillion (RM9.13 trillion) across 200 countries in every region of the world from 2000 to 2023.
China has long been seen as a creditor to developing countries through its Belt and Road initiative, but is shifting toward lending to advanced economies, backing strategic infrastructure and high‑tech supply chains in areas like semiconductors, artificial intelligence, and clean energy.
Beijing's portfolio size is two-to-four times larger than previous estimates suggest, AidData said, adding that China remains the world's largest official creditor.
In response to a request for comment on the report, China's Foreign Affairs Ministry said its overseas investment and financing "adhered to international practices, market principles, and the principle of debt sustainability."
Chinese entities active across the US
More than three-quarters of China's overseas lending operations now support projects and activities in upper-middle-income countries and high-income countries.
"Much of the lending to wealthy countries is focused on critical infrastructure, critical minerals, and the acquisition of high-tech assets like semiconductor companies," said AidData's executive director and lead author Brad Parks.
The US topped the list of official-sector credit from China, receiving more than US$200 billion (RM830 billion) for nearly 2,500 projects and activities.
Chinese state-owned entities are "active in every corner and sector of the US", bankrolling the construction of LNG projects in Texas and Louisiana, data centres in Northern Virginia, terminals at New York's John F. Kennedy International Airport and Los Angeles International Airport, the Matterhorn Express Natural Gas pipeline, and the Dakota Access oil pipeline.
The report added that Beijing has financed the acquisition of high-tech companies, while Chinese state-owned creditors have provided credit facilities for many Fortune 500 companies, including Amazon, AT&T, Verizon, Tesla, General Motors, Ford, Boeing, and Disney
The share of lending to low and lower-middle-income countries fell to 12 per cent in 2023 from 88 per cent in 2000. Beijing has also cut lending for infrastructure projects in the "Global South", under its Belt and Road Initiative.
At the same time, it has ramped up the share supporting middle-income and high-income countries to 76 per cent in 2023 from 24 per cent in 2000. The United Kingdom, for instance, received US$60 billion (RM249 billion), while the European Union got US$161 billion (RM668.15 billion).
