Exposing China's overseas lending

China's financial and political influence is rising in Africa PIC: BLOG.PEERFORM.COM
China's financial and political influence is rising in Africa PIC: BLOG.PEERFORM.COM

China has fuelled an unprecedented surge in official lending over the past 15 years. The most remarkable feature of this wave of credit, however, is not its size, but its dangerous lack of transparency. CARMEN M. REINHART* writes

CAMBRIDGE: Over the past 15 years, China has fuelled one of the most dramatic and geographically far-reaching surges in official peacetime lending in history. More than 100 predominantly low-income countries have taken out Chinese loans to finance infrastructure projects, expand their productive capacity in mining or other primary commodities, or support government spending in general.

But the size of this lending wave is not its most distinctive feature.

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