United States Emerges as Largest Recipient of Chinese Loans: AidData Study

HONG KONG, November 18, 2025 – The United States has become the largest recipient of Chinese loans globally, according to a comprehensive study tracking Beijing’s credit and grant activities. Published by AidData, a research lab at William & Mary, the report highlights a significant shift in China’s lending strategy—from primarily supporting developing countries to increasingly backing high-income nations.

From 2000 to 2023, China’s official lending and grant portfolio totaled an astonishing $2.2 trillion, spanning 200 countries across all regions. While China has traditionally been known for financing infrastructure projects in the developing world through initiatives like the Belt and Road Initiative (BRI), its focus is now increasingly on advanced economies. This strategic pivot targets critical infrastructure, high-tech industries, and key supply chains in areas such as semiconductors, artificial intelligence, and clean energy technologies.

According to AidData, China’s overseas lending portfolio is two to four times larger than previous estimates, solidifying its position as the world’s largest official creditor. Currently, over 75% of China’s international lending is directed toward upper-middle-income and high-income countries, underscoring Beijing’s growing influence in developed economies.

China’s Focus on the United States

The United States leads all countries in receiving Chinese loans, securing more than $200 billion across nearly 2,500 projects. These projects span multiple sectors and regions, demonstrating China’s deepening financial footprint in the U.S. economy.

Chinese state-owned enterprises have financed critical infrastructure projects including:

• Liquefied natural gas (LNG) projects in Texas and Louisiana
• Data centers in Northern Virginia
• Expansion of air terminals at New York’s JFK International Airport and Los Angeles International Airport
• The Matterhorn Express Natural Gas pipeline and the Dakota Access Oil pipeline

Beyond infrastructure, China is also actively investing in high-tech acquisitions and extending credit facilities to some of the largest U.S. corporations, including Amazon, AT&T, Verizon, Tesla, General Motors, Ford, Boeing, and Disney. Brad Parks, Executive Director at AidData, stated:

“Much of the lending to wealthy countries is focused on critical infrastructure, critical minerals, and the acquisition of high-tech assets like semiconductor companies.”

Shift in Global Lending Priorities

The report reveals a dramatic shift in China’s global lending patterns. While lending to low- and lower-middle-income countries dropped from 88% in 2000 to just 12% in 2023, funding for middle-income and high-income countries surged from 24% to 76% in the same period. For context, the United Kingdom received $60 billion, while the European Union secured $161 billion in Chinese loans.

This strategic reallocation indicates that Beijing is moving away from traditional infrastructure-heavy projects in the Global South toward investments that offer stronger economic and technological leverage in developed nations. AidData’s findings highlight China’s growing ambition to shape global economic landscapes through financial engagement with high-income economies.

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Key Takeaways:

• US is the largest recipient of Chinese loans, receiving $200B+ across 2,500 projects.
• China’s lending is shifting from developing countries to wealthy nations.
• High-tech, infrastructure, and critical minerals are the main focus of new loans.
• UK and EU are also major recipients, with $60B and $161B respectively.
• Lending to lower-income countries dropped dramatically, reflecting Beijing’s changing global strategy.