China is the world’s largest official creditor, but we lack basic facts about the terms and conditions of its lending. Very few contracts between Chinese lenders and their government borrowers have ever been published or studied. This paper is the first systematic analysis of the legal terms of China’s foreign lending. We collect and analyze 100 contracts between Chinese state-owned entities and government borrowers in 24 developing countries in Africa, Asia, Eastern Europe, Latin America, and Oceania, and compare them with those of other bilateral, multilateral, and commercial creditors. Three main insights emerge. First, the Chinese contracts contain unusual confidentiality clauses that bar borrowers from revealing the terms or even the existence of the debt. Second, Chinese lenders seek advantage over other creditors, using collateral arrangements such as lender-controlled revenue accounts and promises to keep the debt out of collective restructuring (“no Paris Club” clauses). Third, cancellation, acceleration, and stabilization clauses in Chinese contracts potentially allow the lenders to influence debtors’ domestic and foreign policies. Even if these terms were unenforceable in court, the mix of confidentiality, seniority, and policy influence could limit the sovereign debtor’s crisis management options and complicate debt renegotiation. Overall, the contracts use creative design to manage credit risks and overcome enforcement hurdles, presenting China as a muscular and commercially-savvy lender to the developing world.
相关报告
2021中国跨境电商发展报告
1.5w+
类型:行研
上传时间:2021-04
标签:中国、跨境电商)
语言:中文
金额:5积分
樊纲&郑永年-2022年国际局势与中国政经形势
1.1w+
类型:宏观
上传时间:2022-03
标签:国际局势、中国、政经形势)
语言:中文
金额:5积分
《筚路维艰:中国社会主义路径的五次选择》读书笔记_陆蜀
1.1w+
类型:读书笔记
上传时间:2022-10
标签:历史、中国、共产党)
语言:中文
金额:9.9元
2023年《政府工作报告》图解(附过去十年工作报告总结对比)
9633
类型:政策法规
上传时间:2023-03
标签:政府工作报告、经济发展、中国)
语言:中文
金额:9.9元
中国人民银行发布《中国数字人民币的研发进展》白皮书
8937
类型:专题
上传时间:2021-07
标签:中国、数字人民币、白皮书)
语言:中文
金额:5积分
中国新能源汽车产业发展趋势研判
8688
类型:行研
上传时间:2023-01
标签:中国、新能源汽车、发展趋势)
语言:中文
金额:5积分
国际能源署17万字:中国能源领域的碳中和路线图(中英文版)
7295
类型:行研
上传时间:2021-10
标签:碳中和、中国、能源署)
语言:中英
金额:25元
北森2021中国人力资源管理年度观察报告 _ 数字化人才管理
7045
类型:专题
上传时间:2021-01
标签:中国、人力资源管理、数字化人才管理)
语言:中文
金额:5积分
中国居民消费趋势报告
6961
类型:行研
上传时间:2021-11
标签:中国、居民、消费)
语言:中文
金额:5积分
清华大学-中国城市养老服务需求报告2021
6801
类型:专题
上传时间:2022-01
标签:中国、城市、养老)
语言:中文
金额:5积分
积分充值
30积分
6.00元
90积分
18.00元
150+8积分
30.00元
340+20积分
68.00元
640+50积分
128.00元
990+70积分
198.00元
1640+140积分
328.00元
微信支付
余额支付
积分充值
应付金额:
0 元
请登录,再发表你的看法
登录/注册