China’s Overseas Lending Surpasses World Bank’s

[Indi Guy]

Source: NPR

China has loaned developing countries more money than the World Bank in the past two years, the Financial Times reports.

Despite record lending by the World Bank since the financial crisis, China's two state financial institutions have surpassed it by billions of dollars. According to research done by the Financial Times, the China Development Bank and China Export-Import Bank made loans of at least 110 billion dollars to foreign governments and companies in 2009 and 2010. For comparison, the World Bank made loans of just over 100 billion dollars from mid-2008 to mid-2010.


The overseas loans are a major part of China’s effort to guarantee access to outside resources, particularly oil. The loan agreements include oil deals with Russia, Venezuela and Brazil, infrastructure projects in Ghana and railway construction in Argentina.

The two Chinese financial institutions do not disclose their financial data. The Financial Times reached the 110 billion dollar amount by examining public announcements by the banks, the borrowers or the Chinese government.

Read more: http://www.npr.org/blogs/money/2011/01/18/133023983/china-s-overseas-lending-surpasses-the-world-bank-s

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Ain't it encouragung to see that our importing of Chinese goods is not only raising our unemployment rate; but is also financing China's exploitation of foreign resources? Ain't "free trade" great??

[cowcommander]

1. I wonder how Mao would feel about China today...

[htuttle]

2. Mao was already out of fashion in China by the early 1980s

Sure, there are still a lot of pictures of him and everything, but... :shrug:

[BOG PERSON]

4. he's still on their money

:shrug:

[David__77]

3. He would give it a 50% good, 50% bad assessment.

He would admit that the material bases of socialism are being constructed, and would definitely be pleased that China has safeguarded its sovereignty and independence. He would oppose many of the "market reforms" that have been implemented as a violation of the revolutionary ideals, however.

Mao wasn't all negative on Deng Xiaoping and his ilk, or he wouldn't have restored them to power in the 1970s, albeit tentatively and with stops and starts. As for the lending of money abroad, he was all for it, and it occurred under Mao as well, though on a much smaller scale.

The terms of lending the Chinese give are definitely favorable to what the Western financiers give.

[cosmicone]

5. Why blame China?

We did the same thing when we were awash with money.

[ronnie624]

6. That's right.

They're gaining influence the legal way, not through invasions and declaring unending war.