China Lends More than World Bank
China Lends More than World Bank
According to a report by Financial Times, China has extended more loan money to developing nations over the last two years than the World Bank, evidence of the nation's massive economic reach and drive to secure natural resources.
Collectively, the report said, China Development Bank and China Export-Import Bank extended loans of at least $110 billion to governments and companies in developing nations over the course of the last two years, while the World Bank over that period extended loans of $100.3 billion. Both figures represent records for lending in a two year period as the world economy struggles to recover.
The volume of overseas loans by China's two largest banks indicates how the nation is forging new patterns of China-led globalization as part of its broader efforts to reduce dependence on western export markets.
According to a report by Financial Times, China has extended more loan money to developing nations over the last two years than the World Bank, evidence of the nation's massive economic reach and drive to secure natural resources.
Collectively, the report said, China Development Bank and China Export-Import Bank extended loans of at least $110 billion to governments and companies in developing nations over the course of the last two years, while the World Bank over that period extended loans of $100.3 billion. Both figures represent records for lending in a two year period as the world economy struggles to recover.
The volume of overseas loans by China's two largest banks indicates how the nation is forging new patterns of China-led globalization as part of its broader efforts to reduce dependence on western export markets.
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