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.

作为全球放贷规模最大的国家之一，中国已向发展中国家提供超过1万亿美元贷款，用于资助非洲的公路、南美的港口和中亚的铁路项目建设。

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.

但根据弗吉尼亚州威廉玛丽学院研究机构AidData的数据，过去20年里，中国的最大融资对象是美国，中国各银行已向美国企业和项目提供了2000亿美元的金融支持。

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.

这些资金涌向油气管道、数据中心和机场航站楼的建设，助力特斯拉、亚马逊、迪士尼和波音等美国企业融资顺畅运转。截至2017年，这类融资中的部分项目开始引发美国政府警惕。

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周二发布的一份报告显示，2000年以来，中国国有企业已在全球范围内提供了2.2万亿美元贷款和赠款，这一数字比此前预估高出二至四倍。该报告的主要作者布拉德·帕克斯表示，研究数据来源于100多个国家的3万多个项目。

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.

这项覆盖2000年至2023年的研究更为全面地呈现了中国作为国际债权人的角色。报告概述了中国如何利用金融资源在战略领域布局，建立潜在的供应链控制点。其中涉及一些持续引发西方担忧的交易，例如近期卷入半导体供应链地缘政治争夺战的荷兰安世半导体收购案。

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.

中国对发展中国家的融资大多是向政府提供的大型项目贷款，但随着借款国深陷债务危机，这类融资已逐渐转向紧急贷款。而在发达国家，中国的融资重点更偏向商业领域。AidData的统计未包含中国持有的7300亿美元美国国债。

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年以来，中国已成为金融强国，拥有资金雄厚的国有金融机构和政策性银行，这些机构肩负着实现中国政治抱负的使命。2013年以来，在中国最高领导人习近平的推动下，中国通过“一带一路”倡议，动用国库资金，向发展中国家的基础设施项目发放了超过1万亿美元贷款，海外放贷迅速增长。

2022年，印度尼西亚万隆市一项由中国提供资金的铁路项目。

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.

这一庞大计划让中国在西方大国忽视的部分地区获得了影响力，但也因导致借款国债务负担过重、将合同定向授予中国本土企业，有时导致存在问题的项目而受到批评。

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.

近年来，中国减少了对较贫穷国家的放贷规模，同时增加了对澳大利亚、英国等富裕国家的信贷支持。AidData的报告显示，目前中国对高收入国家和发展中国家的放贷规模相当，均为1万亿美元。

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.

中国向发达国家提供的贷款通常是向政府和大型企业发放的信贷额度，放贷机构多为中国银行、中国农业银行等国有银行。其中部分机构已公开上市，跻身全球最大银行之列，但许多专家对它们保持警惕——因为它们有时需要执行中国共产党的政策指令。

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.

这些融资流入关键矿产、基础设施、半导体等敏感技术领域。专家警告，这可能让中国在战略商品储备、供应链和海上咽喉要道方面获得经济控制权。

“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.

“这些银行家通常会向盈利项目放贷，但他们也经常被迫遵守共产党的指令。”哈佛大学肯尼迪学院高级研究员、前中银国际美国分行总裁柯安迪(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.

“中国四大国有银行的行长都是中国最高层政府决策圈的重要参与者。”柯安迪还说。

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的研究显示，中国国有放贷机构已向数十个国家的并购交易提供超过3350亿美元信贷，其中四分之三的资金流向中国收购方，涉及机器人、生物技术、量子信息等领域。

位于德国汉堡的安世半导体工厂。这家芯片制造商近期被荷兰政府接管，此前一家中国公司收购其控股权。

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.

部分此类交易后来已告中止。2019年，中国企业闻泰科技收购了总部位于荷兰的芯片制造商安世半导体的控股权。今年早些时候，因美国将这家中国控股方列入黑名单并对其实施严格运营管制，荷兰政府随即接管了安世。

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.

在美国，中国机构的融资活动涵盖范围广泛：从企业日常商业融资到液化天然气和天然气管道建设项目的资金支持，还包括为一些与中国政府关系密切的中资企业备受审视的收购案提供资金。

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.

特朗普在第一任期内曾阻止与北京有关联的投资者收购俄勒冈州莱迪思半导体公司。不久后，美国国会加强了对中资投资的审查。此后，中国在美敏感领域进行收购融资的难度显著增加。