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The Bondholders’ View of the African Debt Crisis

The ongoing debt crisis in Zambia and several other African countries is proving to be much more difficult to resolve than in previous years because of the expanded role of both Chinese lenders and bondholders. Both of these creditors have starkly ...

The Plunge in Chinese Overseas Lending is a Big Deal. It’s a REALLY Big Deal.

Recent findings by Boston University's Global Development Policy Center that China's two largest policy banks, China Exim Bank and the China Development Bank, sharply curtailed their lending from $75 billion in 2016 to just $4 billion, was a stunning surprise. Long ...

Reaction to New Data That Reveals “Chinese Overseas Lending Collapse”

Findings from Boston University's new database on Chinese development finance patterns that revealed a "collapse" of overseas lending sparked a lot of conversation online yesterday from leading development economists in the U.S. and Europe. The general consensus among the experts was ...

Peking University Professor: Chinese Loan Losses in Asia and Africa Reinforce Painful Lessons Learned in Venezuela

The following is a transcript of a nine-part Twitter thread posted by the prominent China economist Michael Pettis, a professor at Peking University. As I have been writing since 2011, China’s development lending was always likely to follow the ...

China Strikes Financing Deal With Iraq, Providing New Clue to How Beijing Deals With Major Oil Supplying Countries

The Chinese government is reportedly coming to the rescue of the financially stressed Iraqi government with a $2 billion cash payment for a year's worth of oil at current market prices. The five-year agreement, as reported by Bloomberg, provides fresh insights into how China ...

China and the Dirty Secrets of ‘National Development’

The Financial Times today cited new work by scholars at Boston University on the global reduction of Chinese lending. The big story is that while Chinese lending rivaled that of the World Bank by the mid-2010s, it's now plummeting.

Cyril Ramaphosa Renews Calls For Urgent Debt Relief for Africa. But is Anyone Listening?

South African President and Chair of the African Union Cyril Ramaphosa issued yet another urgent appeal for the international community to provide immediate debt relief for Africa. "Urgent and collective action is needed there to stave off that crisis and to maintain the invaluable social gains that ...

How Long Can African Leaders Keep Repeating Themselves on Debt?

This week saw yet another African leader (this time my own president, Cyril Ramaphosa,) calling for international measures to soften the current debt crisis confronting poor countries in Africa and beyond. None of these measures are outrageous. Considering that seven out of the top 10 fastest-growing economies ...

Analysts: China to Cut Back Lending to Africa in the Post-COVID-19-Era

Chinese infrastructure lending to African countries is widely expected to slow over the next 1-2 years amid mounting debt sustainability concerns, according to analysts interviewed by the South China Morning Post. This would mark a dramatic change over the past twenty years when Beijing emerged ...

China’s Curtailment of Loans to Developing Countries Was Expected, Says Economist Michael Pettis

Michael Pettis is one of the world's foremost China economists. He shared a few insights this weekend on the current trend of reduced Chinese lending to developing countries. In a three-part thread published on Twitter, the Peking University professor said Beijing's ...
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