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China, an Emerging Creditor: Myths and Realities

Alisée Pornet ** Économiste Chine, Département Orients, AFD. Contact : porneta@afd.fr. Les auteures remercient Agatha Kratz pour sa relecture, ses commentaires et les suggestions apportées à l'article.
Ysaline  PADIEU * Économiste Risque Pays, AFD (Agence française de développement).Contact : padieuy@afd.fr.


This paper presents the challenges of China as a major creditor, its role in the international creditor community, and the challenges of the recent wave of debt restructuring. The share of Chinese loans and trade credits in terms of world GDP has increased since 2000. This expansion involves multiple actors and tools. Although the volume of loans is limited with respect to the Chinese GDP, China has become a key player in the creditor community, especially at a time when recipient countries face growing economic difficulties as well as liquidity and insolvency risks. Calls for restructuring have increased these last few years and Chine evaluates theses requests on a case by case basis according to loan terms, recipient country and project.


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Footnotes

1   Banque Mondiale, International Debt Statistics.

2   Voir le site : http://www.china.org.cn/government/whitepaper/2011-04/21/content_22411843.htm.

3   La Chine ne produit pas de rapport compilant l'ensemble des données concernant ses prêts à l'étranger et il n'existe pas de rapport global sur les stocks et les flux de la dette chinoise à l'étranger. La seule source partielle repose sur les rapports annuels des institutions financières.

4   SAIS-CARI : School of Advanced International Studies (SAIS) (John Hopkins University), China Africa Research Initiative (CARI).

5   Selon le FMI (2020), la dette publique des PFR en développement est ainsi passée de 29,6 % en 2011 à 43,3 % du PIB en 2019. La dette publique des pays émergents et à revenu moyen est passée de 37,1 % à 57,2 % du PIB.


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