A new report reveals a significant shift in China’s global lending strategy, with the United States now identified as the largest recipient of Chinese loans. The findings, published by AidData, indicate that Beijing is increasingly directing financial support towards advanced economies-totaling $2.2 trillion in loans and grants between 2000 and 2023-rather than focusing on traditional borrowers in the developing world [[1]]. This evolving lending landscape has implications for strategic industries and raises questions about the future of China’s Belt and Road Initiative.
Jakarta –
The United States has become the largest recipient of loans from China, a shift in Beijing’s lending practices revealed by new data. China is now increasingly providing financial support to high-income countries rather than focusing solely on developing nations.
A report published by AidData, a research lab at the College of William & Mary, details that China’s total loans and grants to 200 countries worldwide reached $2.2 trillion between 2000 and 2023 – equivalent to approximately 36.74 trillion Indonesian Rupiah (based on an exchange rate of 16,700 Rupiah per US dollar).
While China has long been viewed as a primary lender to developing countries through initiatives like the Belt and Road Initiative, its focus is evolving. The country is now directing funds towards advanced economies to bolster strategic infrastructure and high-tech supply chains in sectors such as semiconductors, artificial intelligence, and clean energy.
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AidData’s findings indicate that the overall size of China’s loan portfolio is two to four times larger than previously estimated, solidifying its position as the world’s largest creditor.
According to the report, over three-quarters of China’s overseas lending operations now support projects and activities in upper-middle and high-income countries. This includes financing for the acquisition of high-tech companies, with Chinese creditors extending credit facilities to numerous Fortune 500 corporations, including Amazon, AT&T, Verizon, Tesla, General Motors, Ford, Boeing, and Disney.
The proportion of loans directed towards low- and lower-middle-income countries has decreased to 12% in 2023, down from 88% in 2000. China has also scaled back lending for infrastructure projects in countries within the “Global South” under the Belt and Road Initiative.
Conversely, China has increased its support for middle- and high-income countries, raising that share to 76% in 2023 from 24% in 2000. The United Kingdom, for example, has received $60 billion, while the European Union has secured $161 billion.
Responding to a request for comment regarding the report, China’s Ministry of Foreign Affairs stated that its foreign investment and financing adhere to established international practices.
“These loans comply with international practices, market principles, and the principle of debt sustainability,” the Ministry of Foreign Affairs said, according to Reuters on November 23, 2025.
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