As one of the world’s most prolific lenders, China has paid out more than a trillion dollars in loans to the developing world to fund roads in Africa, ports in South America and railroads in Central Asia.

作為全球放貸規模最大的國家之一，中國已向發展中國家提供超過1萬億美元貸款，用於資助非洲的公路、南美的港口和中亞的鐵路項目建設。

But the biggest recipient of its financing over the past two decades has been the United States, where Chinese banks have extended $200 billion in financial support to American companies and projects, according to AidData, a research institute at the College of William and Mary in Williamsburg, Va.

但根據維吉尼亞州威廉瑪麗學院研究機構AidData的數據，過去20年裡，中國的最大融資對象是美國，中國各銀行已向美國企業和項目提供了2000億美元的金融支持。

The money poured into the construction of pipelines, data centers and airport terminals, and it helped to grease the wheels of corporate financing for U.S. companies like Tesla, Amazon, Disney and Boeing. By 2017, some of this financing started to raise alarms in Washington.

這些資金湧向油氣管道、數據中心和機場航站樓的建設，助力特斯拉、亞馬遜、迪士尼和波音等美國企業融資順暢運轉。截至2017年，這類融資中的部分項目開始引發美國政府警惕。

In all, Chinese state-owned firms have provided $2.2 trillion in loans and grants around the world since 2000, a figure two to four times larger than previously thought, according to Brad Parks, the lead author of a report that AidData released on Tuesday, which draws on information from more than 30,000 projects in over 100 countries.

AidData週二發布的一份報告顯示，2000年以來，中國國有企業已在全球範圍內提供了2.2萬億美元貸款和贈款，這一數字比此前預估高出二至四倍。該報告的主要作者布拉德·帕克斯表示，研究數據來源於100多個國家的3萬多個項目。

Covering the period from 2000 to 2023, the study provides a fuller picture of China’s role as an international creditor. It outlines how Beijing has used its financial resources to position itself in strategic sectors and establish potential supply chain chokeholds. It touches on deals that continue to raise concerns in the West, like the acquisition of Nexperia, a company recently thrust into the middle of a geopolitical battle for control of semiconductor supply chains.

這項覆蓋2000年至2023年的研究更為全面地呈現了中國作為國際債權人的角色。報告概述了中國如何利用金融資源在戰略領域布局，建立潛在的供應鏈控制點。其中涉及一些持續引發西方擔憂的交易，例如近期捲入半導體供應鏈地緣政治爭奪戰的荷蘭安世半導體收購案。

Most of China’s financing in the developing world has been loans to governments for big projects, but that has increasingly shifted to emergency lending as the borrowing countries have fallen deep into debt. In the developed world, Beijing’s focus has been more commercial. The AidData figures do not include China’s $730 billion holdings of U.S. Treasury securities.

中國對發展中國家的融資大多是向政府提供的大型項目貸款，但隨著借款國深陷債務危機，這類融資已逐漸轉向緊急貸款。而在發達國家，中國的融資重點更偏向商業領域。AidData的統計未包含中國持有的7300億美元美國國債。

Since 2000, China has become a financial powerhouse, with deep-pocketed, state-owned financial institutions and policy banks that have a mandate to fulfill Beijing’s political ambitions. Its overseas lending accelerated after 2013 under its top leader, Xi Jinping, who used China’s coffers to shell out more than $1 trillion in loans for infrastructure projects in developing countries through its Belt and Road Initiative.

2000年以來，中國已成為金融強國，擁有資金雄厚的國有金融機構和政策性銀行，這些機構肩負著實現中國政治抱負的使命。2013年以來，在中國最高領導人習近平的推動下，中國通過「一帶一路」倡議，動用國庫資金，向發展中國家的基礎設施項目發放了超過1萬億美元貸款，海外放貸迅速增長。

That sprawling program gave Beijing leverage in parts of the world that had been overlooked by Western powers. The program has been criticized for creating unaffordable levels of debt and for directing contracts to China’s own companies, which, at times, has resulted in problematic projects.

這一龐大計劃讓中國在西方大國忽視的部分地區獲得了影響力，但也因導致借款國債務負擔過重、將合同定向授予中國本土企業，有時導致存在問題的項目而受到批評。

More recently, China has scaled back its lending to poorer countries, while extending more credit to wealthier ones like Australia and the United Kingdom. It now lends just as much to high-income countries as to the developing world — $1 trillion, according to AidData.

近年來，中國減少了對較貧窮國家的放貸規模，同時增加了對澳洲、英國等富裕國家的信貸支持。AidData的報告顯示，目前中國對高收入國家和發展中國家的放貸規模相當，均為1萬億美元。

China’s loans to developed nations are typically lines of credit to governments and major companies. The lenders are often state-owned institutions, like the Bank of China and the Agricultural Bank of China. Some of them are publicly listed and rank among the world’s biggest banks, but many experts regard them warily because they are sometimes required to fulfill the Chinese Communist Party’s policy mandates.

中國向發達國家提供的貸款通常是向政府和大型企業發放的信貸額度，放貸機構多為中國銀行、中國農業銀行等國有銀行。其中部分機構已公開上市，躋身全球最大銀行之列，但許多專家對它們保持警惕——因為它們有時需要執行中國共產黨的政策指令。

Their financing has flowed to sectors like critical minerals, infrastructure and sensitive technology like semiconductors, areas that experts warn could give Beijing an economic hold on strategic commodity reserves, supply chains and maritime choke points.

這些融資流入關鍵礦產、基礎設施、半導體等敏感技術領域。專家警告，這可能讓中國在戰略商品儲備、供應鏈和海上咽喉要道方面獲得經濟控制權。

“These bankers tend to lend to profitable projects, but they are often also forced to pay attention to the diktats of the Communist Party,” said Andrew Collier, a senior fellow at the Harvard Kennedy School and former president of the Bank of China International in the United States.

「這些銀行家通常會向盈利項目放貸，但他們也經常被迫遵守共產黨的指令。」哈佛大學甘迺迪學院高級研究員、前中銀國際美國分行總裁柯安迪(Andrew Collier)表示。

“The chairmen of the four biggest state-owned banks are all players at the poker table at the highest level of government in China,” Mr. Collier said.

「中國四大國有銀行的行長都是中國最高層政府決策圈的重要參與者。」柯安迪還說。

Chinese state-owned lenders extended more than $335 billion in credit for mergers and acquisitions in dozens of countries, and three-quarters of the funding went to buyers from China in sectors including robotics, biotechnology and quantum information, according to the AidData research.

AidData的研究顯示，中國國有放貸機構已向數十個國家的併購交易提供超過3350億美元信貸，其中四分之三的資金流向中國收購方，涉及機器人、生物技術、量子信息等領域。

Some of these deals have since come undone. In 2019, the Chinese company Wingtech Technology acquired a controlling stake in Nexperia, a chipmaker headquartered in the Netherlands. Earlier this year, the Dutch government took control of Nexperia after Washington introduced regulations that would have imposed strict controls on its operations because its Chinese owner was on a sanctions list.

部分此類交易後來已告中止。2019年，中國企業聞泰科技收購了總部位於荷蘭的晶片製造商安世半導體的控股權。今年早些時候，因美國將這家中國控股方列入黑名單並對其實施嚴格運營管制，荷蘭政府隨即接管了安世。

In the United States, Chinese institutions’ funding activities have ranged from day-to-day commercial financing for companies to the bankrolling of construction projects for liquefied natural gas and gas pipelines. They also include financing some of the most scrutinized acquisitions by Chinese companies with close ties to the government.

在美國，中國機構的融資活動涵蓋範圍廣泛：從企業日常商業融資到液化天然氣和天然氣管道建設項目的資金支持，還包括為一些與中國政府關係密切的中資企業備受審視的收購案提供資金。

An attempt by an investor with ties to Beijing to buy the Oregon-based Lattice Semiconductor Corporation was blocked by President Trump during his first term. Not long after, Congress strengthened its review of Chinese investments. It has since become significantly more difficult for China to finance acquisitions in sensitive sectors in the United States.

川普在第一任期內曾阻止與北京有關聯的投資者收購奧勒岡州萊迪思半導體公司。不久後，美國國會加強了對中資投資的審查。此後，中國在美敏感領域進行收購融資的難度顯著增加。