The latecomer's rise: policy banks and the globalization of China's development finance

Abstract

Along with the many superlative adjectives needed to describe China's economic rise in the past few decades, more are needed to capture China's emergence as a supplier of capital to other developing countries. That capital—both financial capital in the form of cash and real capital in the form of infrastructure—has dwarfed the amounts that western countries and institutions have supplied. Between 2000 and 2017, according to AidData, China had transferred some US$843 billion in total development finance to emerging economies (p. 24). By 2019, China had provided more development finance to developing countries than all western institutions combined (p. 1). It is intuitively difficult to conceive of an effort on this scale without imagining that there is some guiding hand in Beijing seeking to fulfil an overall foreign policy objective; not least because winning the political support of the developing world seems central to China's bid to establish itself as an alternative pillar of global order.

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