Which country has borrowed the most from China?
According to 2024 data, Pakistan ranked first in the rating for long-term public and publicly guaranteed debt to Chinese creditors — $22.38 billion. Second-placed Angola's debt amounted to $14.4 billion.
Which country has borrowed the most from China?
The ranking does not cover all types of debt to China, but specifically unpaid long-term public and publicly guaranteed debt.
Pakistan's debt is nearly 8 billion dollars more than Angola's. Islamabad and Beijing have maintained close military and economic ties for decades. Chinese funds in Pakistan are directed toward implementing major power engineering and transport infrastructure projects.
Angola's cooperation with Chinese lenders expanded during the country's post-war reconstruction period. In 2004, a 2 billion dollar credit line was allocated to it. As reconstruction work continued, the volume of financing also increased.
At the same time, Angola is managing to reduce its debt: in 2023–2024, its obligations to China decreased by almost one-fifth. However, the ability to repay loans ahead of schedule remains largely dependent on global oil prices.
Kenya's debt to Chinese lenders stands at 5.37 billion dollars. In this country, Chinese loans covered nearly 90 percent of the cost of the Mombasa–Nairobi railway. The highway connects the capital with the country's main seaport, serving passenger and cargo transportation.
Such projects also bring orders to Chinese companies. Both the railway in Kenya and the Addis Ababa–Djibouti line were built by Chinese contractors. Chinese enterprises were also involved in equipment supply and infrastructure operation.
The ratio of debt to the size of the economy remains a serious issue for some countries. For example, the Republic of the Congo's debt to China equals 2.97 billion dollars. This constitutes more than one-tenth of the country's nominal annual gross domestic product.
China's lending policy has also sparked debates about "debt-trap diplomacy." Proponents of this view argue that large infrastructure loans make borrower nations financially dependent, which could enhance Beijing's strategic influence.
In these discussions, the Hambantota port project in Sri Lanka is frequently mentioned. The country's debt to Chinese lenders stood at 8.69 billion dollars.