A new study has revealed that the United States is the largest recipient of China’s official lending worldwide, marking a significant shift in Beijing’s global financial strategy. According to a report released on Tuesday by AidData — a research lab at William & Mary University — China disbursed $2.2 trillion in loans and grants to 200 countries between 2000 and 2023. Over the same period, Pakistan received $74 billion, making it the fifth-biggest recipient.
The findings show that China, traditionally viewed as a major creditor to developing nations through its Belt and Road Initiative (BRI), is increasingly directing its lending toward higher-income countries. Much of this new portfolio supports strategic infrastructure and high-tech supply chains in sectors such as clean energy, semiconductors and artificial intelligence. AidData notes that Beijing’s total overseas lending is two to four times larger than previously estimated, reaffirming China’s role as the world’s largest official creditor.
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More than three-quarters of China’s foreign lending now goes to upper-middle-income and high-income countries. Lead author Brad Parks said Beijing’s credit is increasingly tied to “critical infrastructure, critical minerals and the acquisition of high-tech assets like semiconductor companies.” The report highlights that the United States alone received over $200bn across nearly 2,500 projects.
AidData found Chinese entities active in multiple US sectors, financing liquefied natural gas projects in Texas and Louisiana, data centres in Northern Virginia, airport terminals in New York and Los Angeles, and major pipelines including the Matterhorn Express and Dakota Access. Chinese lenders have also supported the acquisition of high-tech firms and extended credit to major US corporations including Amazon, AT&T, Verizon, Tesla, General Motors, Ford, Boeing and Disney.
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Meanwhile, lending to lower-income countries has sharply declined, dropping from 88pc of China’s total credit in 2000 to just 12pc in 2023. Funding for infrastructure projects in the Global South under the BRI has also been reduced. In contrast, lending to wealthier nations surged, with the United Kingdom receiving $60bn and the European Union $161bn — underscoring Beijing’s growing focus on strategic, high-value markets.