China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building Belt and Road infrastructure.
JOHANNESBURG, South Africa – China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building Belt and Road infrastructure, a study published on Tuesday, March 28, showed.
“Beijing is ultimately trying to rescue its own banks. That’s why it has gotten into the risky business of international bailout lending,” said Carmen Reinhart, a former World Bank chief economist and one of the study’s authors.soared from less than 5% of its overseas lending portfolio in 2010 to 60% in 2022, the study found.
The study was critical of some central banks potentially using the PBOC swap lines to artifically pump up their foreign exchange reserve figures.
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