China curtails overseas lending in face of geopolitical backlash
Jonathan Wheatley and James Kynge
Financial Times, 8 décembre 2020
Le rapport de l'ODI auquel se réfère l'article est disponible en ligne China’s outward investment and Covid-19: emerging trends for developing countries. Le passage cité se trouve en p. 23 et se lit en entier ainsi :
In the near term, however, foreign investments and service exports are unlikely to return to pre-pandemic levels. Having peaked in 2015–2016, investments in Africa and Latin America were already slowing before the pandemic, due to a mixture of international criticism and Beijing’s desire to improve the quality of projects and lending. As low- and middle-income countries face mounting debt problems due to Covid-19, China’s attention in the short term will be on dealing with debt renegotiations. Surging debt, moreover, may also accelerate the shift in the type of overseas project we are seeing from China. The old ‘EPC + Chinese finance’ model, whereby the interests of Chinese companies and local elites take precedence over the good of the borrowing country, which bears a disproportionate amount of the project failure risk, will become even more unsustainable amid countries’ reduced capacity to take on debt and risk.