Many developing countries worldwide have significant debts to China, reaching tens of billions of US dollars, equivalent to hundreds of trillions of Indonesian rupiah.

As reported by CNN on Friday (11/10/2023), the total debt of these developing countries to China is recorded at US$1.1 trillion or around Rp 17,248 trillion (exchange rate Rp 15,680/US dollar). According to AidData cited by CNN, almost 80% of the loan portfolios issued by the Bamboo Curtain are located in developing countries. Over the years, Beijing has allocated funds to finance infrastructure projects in impoverished nations.

These funds flow into various projects, ranging from highways, airports, railways, to power plants in countries across Latin America to Southeast Asia. This situation demonstrates how China actively targets developing countries for borrowing.

On one hand, these loans have indeed proven to somewhat contribute to economic growth among borrowing nations. However, on the other hand, it turns out that about 55% of the debts provided by China will mature. These debts will mature amid a globally unstable financial climate due to various issues.

Meanwhile, according to World Bank data analyzed by Statista, countries with large debts to China are mainly located in Africa, but also include Central Asia, Southeast Asia, and the Asia-Pacific. Here is a list of the top 5 countries with the largest debts to China:

Pakistan

By the end of 2021, among 98 countries with available data, Pakistan ranked as the country with the largest debt to China. According to Statista's analysis, the country owes up to US$27.4 billion or equivalent to Rp 382.59 trillion.

Angola

One rank below Pakistan, there is a country in Central Africa, Angola. The country is estimated to have debts to China amounting to US$22.0 billion or equivalent to Rp 344.96 trillion, approximately 35% of their per capita income. This condition makes Angola the second heaviest debtor country to China, after Djibouti, which has a debt of up to 42% of their per capita income.

Ethiopia

Another country with the largest debts to China, still in Africa, is Ethiopia. The country is estimated to have debts amounting to US$7.4 billion or equivalent to Rp 116.03 trillion.

Kenya

The fourth country with the largest debts to China is Kenya. The country is also estimated to owe up to US$7.4 billion or equivalent to Rp 116.03 trillion to the Bamboo Curtain.

Sri Lanka

Another country with the largest debts to China is Sri Lanka, with a total reaching US$7.2 billion or approximately Rp 112.89 trillion. However, Sri Lanka is one of China's largest debtors, and in 2022, it became the first Asian country in two decades to fail to repay its debt.