【英文】美国全球发展中心报告：中国如何放贷：与外国政府签订100份债务合同的罕见案例（85页）

英文研究报告 2021年04月13日 06:52 管理员

China Eximbank accounts for 76 of the 100 loan agreements in the sample. Out of these 76 loans, 66 are concessional lending instruments (so called Government Concessional Loans or Preferential Buyer Credits).11 The sample only includes 8 loan contracts with CDB, two of which were co-financed with Chinese state-owned commercial banks.12 However, the small number of CDB loan agreements in our sample corresponds to substantially larger financial commitment amounts: 8 contracts represent 44% of the overall lending volume captured in our sample.13 Compared to China Eximbank and CDB lending, loans issued by China’s state-owned commercial banks, state-owned enterprises, and the central government are small. Taken together, these three groups of lenders account for only 16 percent of the contracts and 13 percent of the lending volume in our sample. The distribution of creditors within our sample is broadly in line with creditor composition in the datasets of Morris et al. (2020) and of Horn et al. (2019).

In both of these datasets, China Eximbank and CDB represent by far the two most important sources of China’s international financial commitments. Morris et al. (2020: 46) analyze 1,046 Chinese government loans to 130 countries between 2000 and 2014 and find that 80 percent of the loans during this period came from China Eximbank and 14 percent came from CDB. While China Eximbank makes a far larger number of loans than CDB, the average size of its loans is substantially smaller than those made by CDB. As a result, in the Morris et al. (2020) dataset, loan commitments from China Eximbank account for 55 percent of overall lending and loan commitments from CDB lending account for 36 percent of overall lending. Very similar patterns are observed in the dataset constructed by Horn et al. (2019). In their dataset, loans from China Eximbank account for 60 percent of the total by number, and 33 percent of the total by monetary value, while loans from CDB represent 18 percent of the total by number, and 42 percent of the total by monetary value.