A recent study by AidData, a research lab at William & Mary, has revealed that the United States is the largest recipient of China’s global lending activities. Tracking Beijing’s credit operations from 2000 to 2023, the report found that China has increasingly shifted its lending focus from developing countries to higher-income nations, backing strategic infrastructure and high-tech projects.
According to the study, China’s total lending and grant-giving reached $2.2 trillion across 200 countries and territories over the past two decades. While China has long been associated with financing development projects in the Global South through its Belt and Road Initiative, AidData’s findings indicate a major pivot toward advanced economies. Much of this lending is directed at critical infrastructure, high-tech supply chains, and sectors such as semiconductors, artificial intelligence, and clean energy.
The report notes that over three-quarters of China’s overseas lending now supports upper-middle-income and high-income countries. The United States alone received more than $200 billion in official sector credit for nearly 2,500 projects, making it the single largest beneficiary.
Chinese state-owned entities have financed an array of projects across the U.S., including LNG projects in Texas and Louisiana, data centers in Northern Virginia, airport terminals at JFK and LAX, as well as pipelines such as Matterhorn Express and Dakota Access.
China has also facilitated acquisitions of high-tech companies and provided credit to major U.S. corporations, including Amazon, AT&T, Verizon, Tesla, General Motors, Ford, Boeing, and Disney.
Meanwhile, the share of lending directed toward low- and lower-middle-income countries has fallen sharply—from 88% in 2000 to just 12% in 2023—reflecting a reduction in traditional infrastructure support under the Belt and Road Initiative.
In contrast, lending to middle- and high-income countries has increased from 24% to 76% during the same period. Other notable recipients include the United Kingdom, which received $60 billion, and the European Union, which was extended $161 billion in credit facilities.
The findings highlight China’s growing role as the world’s largest official creditor and its strategic shift toward financing wealthy nations’ infrastructure and technology projects, underscoring the global reach and evolving focus of Beijing’s international lending operations.
