Is China the New World Bank?
SINGAPORE – The Chinese are everywhere. Or, more accurately, Chinese money is everywhere, thanks particularly to the China Development Bank (CDB) and the China Export-Import Bank. As the two institutions responsible for all Chinese overseas financing, they are making waves around the world.
According to The Financial Times, Chinese lending in 2008-2010 surpassed World Bank assistance by approximately $10 billion. By the end of 2010, the CDB’s reach extended to more than 90 countries, whose total indebtedness reached $141.3 billion.
So, is China reshaping the landscape of development assistance? In a nutshell, yes.
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