China has become the world’s largest development bank.
According to new research at Boston University’s Global Development Policy Center, the China Development Bank and the Export-Import Bank of China now provide as much financing to developing countries as the World Bank does.
Those are just the figures for China’s two national level development banks and does not include Chinese bilateral and multilateral development finance arrangements. China has negotiated close to $170 billion in bilateral and regional development funds across the world — such as the China-Africa Development Fund, which just received a Chinese pledge of another $60 billion. China also helped create the New Development Bank with Brazil, India, Russia and South Africa, and the Asian Infrastructure Investment Bank with nearly 80 countries in Asia and beyond.