 Receptionists work in the lobby at the headquarters of China Development Bank in Beijing, China. Bloomberg photo |
China has lent more money to other developing countries in the past two years than the World Bank has - a sign of Beijing's growing economic might and thirst for natural resources, a report said Tuesday.
The state-owned China Development Bank and China Export-Import Bank agreed to lend at least $110 billion to governments and companies in developing countries in 2009 and 2010, the Financial Times said, citing its own research.
That exceeds the record $100.3 billion handed out by the various arms of the World Bank from mid-2008 to mid-2010 in response to the global crisis, the report said.
The data was collected by examining public announcements by the banks, the borrowers or the Chinese government, according to the story.
World Bank figures were for loans granted by the International Bank of Reconstruction and Development, its main lending arm, and the International Finance Corporation, which lends to the private sector.
The volume of loans reflects Beijing's efforts to forge stronger ties with developing countries as it winds back its economic dependence on Western export markets, the story said.
During the global crisis, China was able to push the commercial interests of its energy companies by offering loans to producer countries at a time when financing was hard to come by.
The agreements included large loan-for-oil deals with Russia, Venezuela and Brazil, as well as loans to an Indian company to buy power equipment and for infrastructure projects in Ghana and railways in Argentina.
Some of these were denominated in yuan, as China tries to internationalize its currency.
Meanwhile, foreign direct investment, or FDI, in China hit a record $105.7 billion last year, the government said yesterday, highlighting growing confidence in the economy. Investment by overseas companies rose 17.4 percent year-on-year, with more than a fifth of the money flowing into the property sector, commerce ministry spokesman Yao Jian said. China attracted $14.03 billion in FDI in December alone.
The state-owned China Development Bank and China Export-Import Bank agreed to lend at least $110 billion to governments and companies in developing countries in 2009 and 2010, the Financial Times said, citing its own research.
That exceeds the record $100.3 billion handed out by the various arms of the World Bank from mid-2008 to mid-2010 in response to the global crisis, the report said.
The data was collected by examining public announcements by the banks, the borrowers or the Chinese government, according to the story.
World Bank figures were for loans granted by the International Bank of Reconstruction and Development, its main lending arm, and the International Finance Corporation, which lends to the private sector.
The volume of loans reflects Beijing's efforts to forge stronger ties with developing countries as it winds back its economic dependence on Western export markets, the story said.
During the global crisis, China was able to push the commercial interests of its energy companies by offering loans to producer countries at a time when financing was hard to come by.
The agreements included large loan-for-oil deals with Russia, Venezuela and Brazil, as well as loans to an Indian company to buy power equipment and for infrastructure projects in Ghana and railways in Argentina.
Some of these were denominated in yuan, as China tries to internationalize its currency.
Meanwhile, foreign direct investment, or FDI, in China hit a record $105.7 billion last year, the government said yesterday, highlighting growing confidence in the economy. Investment by overseas companies rose 17.4 percent year-on-year, with more than a fifth of the money flowing into the property sector, commerce ministry spokesman Yao Jian said. China attracted $14.03 billion in FDI in December alone.
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