미중정책연구소

아주대 중국정책연구소 정책분석회의 2020-6

시   간: 2020년 08월 19일

참여자: 서민혜, 신종석, 안슬기, 이윤규, 이창주, 장기현, 최연실  

주   제: 미중 전략경쟁에 따른 최근 분야별 이슈

China doubles loans to 68 nations, further tightening grip

China's total balance of lending to these nations reached $101.7 billion in 2018, data the country disclosed recently to the World Bank shows. The World Bank's lending balance to the same countries stood at $103.7 billion. Beijing's loan balance rose by 90% in the four years, compared with 40% for the World Bank and 10% for the International Monetary Fund.

Of the 68 countries, 26 had debt to China surpassing 5% of their gross domestic product. The potential influence from such debt was reflected at the United Nations Commission on Human Rights, as 14 of these nations supported the Hong Kong national security law that Beijing imposed in June.

In addition, 14 of the countries had debt to China equivalent to over 10% of their GDP. In the African nation of Djibouti, debt to China reached 39% of GDP.

Chinese loans carry high interest rates that, based on the midterm average debt balance, average 3.5% despite relatively short loan periods. The rate compares with the IMF's 0.6% and World Bank's 1%.

Some countries are diversifying borrowing sources to avoid relying totally on Beijing. Angola, in southwestern Africa, has received $3.7 billion in financing from the IMF. But the World Bank and IMF worry that loans to developing nations may simply be used to repay debts owed to China.