Tags: China | nations | World Bank

FT: China Lends More to Other Nations Than World Bank

Wednesday, 19 Jan 2011 08:11 AM

China has lent more money to developing economies during the last two years than the World Bank.

China Development Bank and China Export-Import Bank have lent $110 billion to developing countries and companies in 2009 and 2010, the Financial Times reports.

The World Bank committed $100.3 billion from mid-2008 to mid-2010.
The financial crisis gave China the opportunity to lend to developing countries when financing was tight, plus such lending cultivates fresh export markets for the Asian giant.

The World Bank is looking for ways to work with China, who has tapped the U.S.-based lender for loans in the past.

"One of the topics I have been discussing with the Chinese authorities is how we can work with them to share our mutual experience to support other developing countries, whether in southeast Asia or Africa," Robert Zoellick, World Bank president, has said.

China is wielding more and more influence in the global economy by forging trade and business deals in the developing world and by lending to the developing countries such as the United States.

U.S. and Chinese relations are not without black clouds, with Washington irked by Beijing for its trade and foreign exchange policies as well as its North Korea and climate change stances.

China, meanwhile, has bristled at the U.S. for selling arms to Taiwan and by inviting Tibet's spiritual leader the Dalai Lama, to the White House.

"Overcoming the sense of mistrust is probably the most important thing," Charles Freeman, a China expert at the Center for the Strategic and International Studies, a Washington-based think tank, tells the Associated Press.

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China has lent more money to developing economies during the last two years than the World Bank. China Development Bank and China Export-Import Bank have lent $110 billion to developing countries and companies in 2009 and 2010, the Financial Times reports. The World Bank...
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2011-11-19
 

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