Ranking · Economy
Debt to China by country
Pakistan owed Chinese lenders $22.4 billion at the end of 2024, the most in World Bank data. Angola owed $14.4 billion and Sri Lanka $8.7 billion. The 97 countries in the data owed $170.4 billion in total, up from $99.7 billion in 2014. Venezuela is missing because it does not report to the World Bank.
- Under $0.2bn
- $0.2bn–$1bn
- $1bn–$3bn
- $3bn–$6bn
- Over $6bn
- Not in this ranking
- Under 5%
- 5%–15%
- 15%–30%
- 30%–45%
- Over 45%
- Not in this ranking
- Under $0.2bn
- $0.2bn–$1bn
- $1bn–$3bn
- $3bn–$6bn
- Over $6bn
- Not in this ranking
| # | Country | Owed to China | Share | Owed in 2014 |
|---|---|---|---|---|
| 1 |  Pakistan |
$22.4bn | 25.0% | $5.0bn |
| 2 |  Angola |
$14.4bn | 31.2% | $10.5bn |
| 3 |  Sri Lanka |
$8.7bn | 22.0% | $4.3bn |
| 4 |  Ethiopia |
$7.4bn | 21.9% | $5.5bn |
| 5 |  Bangladesh |
$6.6bn | 8.5% | $888m |
| 6 |  Egypt |
$5.9bn | 5.5% | $362m |
| 7 |  Kenya |
$5.4bn | 15.1% | $2.2bn |
| 8 |  Zambia |
$5.3bn | 34.4% | $1.9bn |
| 9 |  Nigeria |
$5.3bn | 10.6% | $1.3bn |
| 10 |  Laos |
$5.3bn | 53.0% | $2.4bn |
| 11 |  Argentina |
$5.2bn | 4.7% | $657m |
| 12 |  Côte d'Ivoire |
$4.1bn | 13.2% | $570m |
| 13 |  Cambodia |
$4.1bn | 34.1% | $2.4bn |
| 14 |  Uzbekistan |
$3.9bn | 10.0% | $1.1bn |
| 15 |  DR Congo |
$3.5bn | 44.4% | $1.7bn |
| 16 |  South Africa |
$3.3bn | 3.4% | · |
| 17 |  Cameroon |
$3.3bn | 26.4% | $1.9bn |
| 18 |  Serbia |
$3.2bn | 11.5% | $543m |
| 19 |  Republic of the Congo |
$3.0bn | 55.7% | $2.7bn |
| 20 |  Belarus |
$2.8bn | 16.9% | $3.2bn |
| 21 |  Ecuador |
$2.7bn | 6.7% | $5.2bn |
| 22 |  Brazil |
$2.6bn | 1.4% | $7.7bn |
| 23 |  Uganda |
$2.6bn | 18.2% | $399m |
| 24 |  Senegal |
$2.2bn | 8.8% | $360m |
| 25 |  Mongolia |
$2.1bn | 21.5% | $2.0bn |
| 26 |  Zimbabwe |
$2.0bn | 37.8% | $817m |
| 27 |  Kazakhstan |
$1.9bn | 5.6% | · |
| 28 |  Ghana |
$1.9bn | 7.2% | $2.4bn |
| 29 |  Myanmar |
$1.7bn | 18.7% | $4.2bn |
| 30 |  Kyrgyzstan |
$1.7bn | 39.2% | $1.1bn |
| 31 |  Guinea |
$1.6bn | 40.3% | $369m |
| 32 |  Indonesia |
$1.4bn | 0.6% | $965m |
| 33 |  Mozambique |
$1.4bn | 15.6% | $1.3bn |
| 34 |  Tanzania |
$1.4bn | 5.9% | $2.1bn |
| 35 |  Djibouti |
$1.4bn | 50.5% | $179m |
| 36 |  Bolivia |
$1.3bn | 9.6% | $550m |
| 37 |  Turkey |
$1.2bn | 0.8% | $516m |
| 38 |  Papua New Guinea |
$1.1bn | 15.3% | $226m |
| 39 |  Maldives |
$1.0bn | 24.9% | $157m |
| 40 |  Sudan |
$921m | 6.2% | $1.7bn |
| 41 |  Gabon |
$883m | 15.9% | $809m |
| 42 |  Equatorial Guinea |
$829m | 92.6% | · |
| 43 |  Ukraine |
$825m | 0.8% | $840m |
| 44 |  Tajikistan |
$825m | 27.5% | $902m |
| 45 |  Montenegro |
$717m | 15.9% | $94m |
| 46 |  Jamaica |
$532m | 6.7% | $557m |
| 47 |  Vietnam |
$504m | 1.3% | $2.4bn |
| 48 |  Mali |
$500m | 8.9% | $364m |
| 49 |  Suriname |
$497m | 19.7% | · |
| 50 |  North Macedonia |
$493m | 8.6% | $130m |
| 51 |  Guyana |
$493m | 22.5% | $129m |
| 52 |  Iraq |
$411m | 3.2% | · |
| 53 |  Benin |
$366m | 4.1% | $200m |
| 54 |  Rwanda |
$361m | 4.3% | $86m |
| 55 |  Philippines |
$339m | 0.4% | $496m |
| 56 |  Togo |
$330m | 13.6% | $299m |
| 57 |  Madagascar |
$318m | 6.7% | $63m |
| 58 |  Morocco |
$287m | 0.6% | $543m |
| 59 |  Honduras |
$274m | 2.9% | $112m |
| 60 |  Mauritania |
$263m | 7.3% | $240m |
| 61 |  Nepal |
$247m | 2.8% | $78m |
| 62 |  Eswatini |
$213m | 24.6% | · |
| 63 |  Chad |
$208m | 8.5% | $243m |
| 64 |  Malawi |
$203m | 6.8% | $242m |
| 65 |  Lesotho |
$182m | 17.9% | $43m |
| 66 |  Niger |
$164m | 3.6% | $307m |
| 67 |  Vanuatu |
$158m | 44.6% | $38m |
| 68 |  Yemen |
$150m | 2.6% | $284m |
| 69 |  Mauritius |
$126m | 3.7% | $430m |
| 70 |  Fiji |
$123m | 7.3% | $292m |
| 71 |  Burkina Faso |
$99m | 1.9% | $38m |
| 72 |  Samoa |
$91m | 35.2% | $171m |
| 73 |  Comoros |
$90m | 27.7% | · |
| 74 |  Turkmenistan |
$76m | 2.6% | $6.6bn |
| 75 |  Syria |
$67m | 2.0% | $79m |
| 76 |  Tonga |
$66m | 50.8% | $125m |
| 77 |  Algeria |
$64m | 7.5% | $76m |
| 78 |  Grenada |
$59m | 7.4% | · |
| 79 |  Sierra Leone |
$58m | 4.4% | $50m |
| 80 |  Jordan |
$56m | 0.2% | $72m |
| 81 |  Liberia |
$50m | 3.5% | $6m |
| 82 |  Saint Vincent and the Grenadines |
$45m | 6.5% | · |
| 83 |  Guatemala |
$44m | 0.3% | $10m |
| 84 |  Burundi |
$37m | 6.2% | · |
| 85 |  Tunisia |
$31m | 0.1% | $97m |
| 86 |  Bosnia and Herzegovina |
$30m | 0.6% | · |
| 87 |  Gambia |
$24m | 2.4% | · |
| 88 |  Cape Verde |
$21m | 1.1% | $32m |
| 89 |  Central African Republic |
$19m | 4.4% | $80m |
| 90 |  Solomon Islands |
$18m | 6.3% | · |
| 91 |  Nicaragua |
$18m | 0.2% | $19m |
| 92 |  Dominica |
$17m | 5.0% | $39m |
| 93 |  Armenia |
$15m | 0.2% | · |
| 94 |  Lebanon |
$7m | 0.0% | $8m |
| 95 |  Iran |
$6m | 1.9% | $364m |
| 96 |  Eritrea |
$3m | 0.6% | $55m |
| 97 |  Albania |
$2m | 0.0% | $5m |
| # | Country | Share | Owed to China | Owed in 2014 |
|---|---|---|---|---|
| 1 | Equatorial Guinea |
92.6% | $829m | · |
| 2 | Republic of the Congo |
55.7% | $3.0bn | $2.7bn |
| 3 | Laos |
53.0% | $5.3bn | $2.4bn |
| 4 | Tonga |
50.8% | $66m | $125m |
| 5 | Djibouti |
50.5% | $1.4bn | $179m |
| 6 | Vanuatu |
44.6% | $158m | $38m |
| 7 | DR Congo |
44.4% | $3.5bn | $1.7bn |
| 8 | Guinea |
40.3% | $1.6bn | $369m |
| 9 | Kyrgyzstan |
39.2% | $1.7bn | $1.1bn |
| 10 | Zimbabwe |
37.8% | $2.0bn | $817m |
| 11 | Samoa |
35.2% | $91m | $171m |
| 12 | Zambia |
34.4% | $5.3bn | $1.9bn |
| 13 | Cambodia |
34.1% | $4.1bn | $2.4bn |
| 14 | Angola |
31.2% | $14.4bn | $10.5bn |
| 15 | Comoros |
27.7% | $90m | · |
| 16 | Tajikistan |
27.5% | $825m | $902m |
| 17 | Cameroon |
26.4% | $3.3bn | $1.9bn |
| 18 | Pakistan |
25.0% | $22.4bn | $5.0bn |
| 19 | Maldives |
24.9% | $1.0bn | $157m |
| 20 | Eswatini |
24.6% | $213m | · |
| 21 | Guyana |
22.5% | $493m | $129m |
| 22 | Sri Lanka |
22.0% | $8.7bn | $4.3bn |
| 23 | Ethiopia |
21.9% | $7.4bn | $5.5bn |
| 24 | Mongolia |
21.5% | $2.1bn | $2.0bn |
| 25 | Suriname |
19.7% | $497m | · |
| 26 | Myanmar |
18.7% | $1.7bn | $4.2bn |
| 27 | Uganda |
18.2% | $2.6bn | $399m |
| 28 | Lesotho |
17.9% | $182m | $43m |
| 29 | Belarus |
16.9% | $2.8bn | $3.2bn |
| 30 | Gabon |
15.9% | $883m | $809m |
| 31 | Montenegro |
15.9% | $717m | $94m |
| 32 | Mozambique |
15.6% | $1.4bn | $1.3bn |
| 33 | Papua New Guinea |
15.3% | $1.1bn | $226m |
| 34 | Kenya |
15.1% | $5.4bn | $2.2bn |
| 35 | Togo |
13.6% | $330m | $299m |
| 36 | Côte d'Ivoire |
13.2% | $4.1bn | $570m |
| 37 | Serbia |
11.5% | $3.2bn | $543m |
| 38 | Nigeria |
10.6% | $5.3bn | $1.3bn |
| 39 | Uzbekistan |
10.0% | $3.9bn | $1.1bn |
| 40 | Bolivia |
9.6% | $1.3bn | $550m |
| 41 | Mali |
8.9% | $500m | $364m |
| 42 | Senegal |
8.8% | $2.2bn | $360m |
| 43 | North Macedonia |
8.6% | $493m | $130m |
| 44 | Bangladesh |
8.5% | $6.6bn | $888m |
| 45 | Chad |
8.5% | $208m | $243m |
| 46 | Algeria |
7.5% | $64m | $76m |
| 47 | Grenada |
7.4% | $59m | · |
| 48 | Mauritania |
7.3% | $263m | $240m |
| 49 | Fiji |
7.3% | $123m | $292m |
| 50 | Ghana |
7.2% | $1.9bn | $2.4bn |
| 51 | Malawi |
6.8% | $203m | $242m |
| 52 | Ecuador |
6.7% | $2.7bn | $5.2bn |
| 53 | Jamaica |
6.7% | $532m | $557m |
| 54 | Madagascar |
6.7% | $318m | $63m |
| 55 | Saint Vincent and the Grenadines |
6.5% | $45m | · |
| 56 | Solomon Islands |
6.3% | $18m | · |
| 57 | Sudan |
6.2% | $921m | $1.7bn |
| 58 | Burundi |
6.2% | $37m | · |
| 59 | Tanzania |
5.9% | $1.4bn | $2.1bn |
| 60 | Kazakhstan |
5.6% | $1.9bn | · |
| 61 | Egypt |
5.5% | $5.9bn | $362m |
| 62 | Dominica |
5.0% | $17m | $39m |
| 63 | Argentina |
4.7% | $5.2bn | $657m |
| 64 | Sierra Leone |
4.4% | $58m | $50m |
| 65 | Central African Republic |
4.4% | $19m | $80m |
| 66 | Rwanda |
4.3% | $361m | $86m |
| 67 | Benin |
4.1% | $366m | $200m |
| 68 | Mauritius |
3.7% | $126m | $430m |
| 69 | Niger |
3.6% | $164m | $307m |
| 70 | Liberia |
3.5% | $50m | $6m |
| 71 | South Africa |
3.4% | $3.3bn | · |
| 72 | Iraq |
3.2% | $411m | · |
| 73 | Honduras |
2.9% | $274m | $112m |
| 74 | Nepal |
2.8% | $247m | $78m |
| 75 | Yemen |
2.6% | $150m | $284m |
| 76 | Turkmenistan |
2.6% | $76m | $6.6bn |
| 77 | Gambia |
2.4% | $24m | · |
| 78 | Syria |
2.0% | $67m | $79m |
| 79 | Burkina Faso |
1.9% | $99m | $38m |
| 80 | Iran |
1.9% | $6m | $364m |
| 81 | Brazil |
1.4% | $2.6bn | $7.7bn |
| 82 | Vietnam |
1.3% | $504m | $2.4bn |
| 83 | Cape Verde |
1.1% | $21m | $32m |
| 84 | Turkey |
0.8% | $1.2bn | $516m |
| 85 | Ukraine |
0.8% | $825m | $840m |
| 86 | Indonesia |
0.6% | $1.4bn | $965m |
| 87 | Morocco |
0.6% | $287m | $543m |
| 88 | Bosnia and Herzegovina |
0.6% | $30m | · |
| 89 | Eritrea |
0.6% | $3m | $55m |
| 90 | Philippines |
0.4% | $339m | $496m |
| 91 | Guatemala |
0.3% | $44m | $10m |
| 92 | Jordan |
0.2% | $56m | $72m |
| 93 | Nicaragua |
0.2% | $18m | $19m |
| 94 | Armenia |
0.2% | $15m | · |
| 95 | Tunisia |
0.1% | $31m | $97m |
| 96 | Lebanon |
0.0% | $7m | $8m |
| 97 | Albania |
0.0% | $2m | $5m |
| # | Country | Owed in 2014 | Owed to China | Share |
|---|---|---|---|---|
| 1 | Angola |
$10.5bn | $14.4bn | 31.2% |
| 2 | Brazil |
$7.7bn | $2.6bn | 1.4% |
| 3 | Turkmenistan |
$6.6bn | $76m | 2.6% |
| 4 | Ethiopia |
$5.5bn | $7.4bn | 21.9% |
| 5 | Ecuador |
$5.2bn | $2.7bn | 6.7% |
| 6 | Pakistan |
$5.0bn | $22.4bn | 25.0% |
| 7 | Sri Lanka |
$4.3bn | $8.7bn | 22.0% |
| 8 | Myanmar |
$4.2bn | $1.7bn | 18.7% |
| 9 | Belarus |
$3.2bn | $2.8bn | 16.9% |
| 10 | Republic of the Congo |
$2.7bn | $3.0bn | 55.7% |
| 11 | Vietnam |
$2.4bn | $504m | 1.3% |
| 12 | Laos |
$2.4bn | $5.3bn | 53.0% |
| 13 | Cambodia |
$2.4bn | $4.1bn | 34.1% |
| 14 | Ghana |
$2.4bn | $1.9bn | 7.2% |
| 15 | Kenya |
$2.2bn | $5.4bn | 15.1% |
| 16 | Tanzania |
$2.1bn | $1.4bn | 5.9% |
| 17 | Mongolia |
$2.0bn | $2.1bn | 21.5% |
| 18 | Cameroon |
$1.9bn | $3.3bn | 26.4% |
| 19 | Zambia |
$1.9bn | $5.3bn | 34.4% |
| 20 | DR Congo |
$1.7bn | $3.5bn | 44.4% |
| 21 | Sudan |
$1.7bn | $921m | 6.2% |
| 22 | Mozambique |
$1.3bn | $1.4bn | 15.6% |
| 23 | Nigeria |
$1.3bn | $5.3bn | 10.6% |
| 24 | Kyrgyzstan |
$1.1bn | $1.7bn | 39.2% |
| 25 | Uzbekistan |
$1.1bn | $3.9bn | 10.0% |
| 26 | Indonesia |
$965m | $1.4bn | 0.6% |
| 27 | Tajikistan |
$902m | $825m | 27.5% |
| 28 | Bangladesh |
$888m | $6.6bn | 8.5% |
| 29 | Ukraine |
$840m | $825m | 0.8% |
| 30 | Zimbabwe |
$817m | $2.0bn | 37.8% |
| 31 | Gabon |
$809m | $883m | 15.9% |
| 32 | Argentina |
$657m | $5.2bn | 4.7% |
| 33 | Côte d'Ivoire |
$570m | $4.1bn | 13.2% |
| 34 | Jamaica |
$557m | $532m | 6.7% |
| 35 | Bolivia |
$550m | $1.3bn | 9.6% |
| 36 | Serbia |
$543m | $3.2bn | 11.5% |
| 37 | Morocco |
$543m | $287m | 0.6% |
| 38 | Turkey |
$516m | $1.2bn | 0.8% |
| 39 | Philippines |
$496m | $339m | 0.4% |
| 40 | Mauritius |
$430m | $126m | 3.7% |
| 41 | Uganda |
$399m | $2.6bn | 18.2% |
| 42 | Guinea |
$369m | $1.6bn | 40.3% |
| 43 | Mali |
$364m | $500m | 8.9% |
| 44 | Iran |
$364m | $6m | 1.9% |
| 45 | Egypt |
$362m | $5.9bn | 5.5% |
| 46 | Senegal |
$360m | $2.2bn | 8.8% |
| 47 | Niger |
$307m | $164m | 3.6% |
| 48 | Togo |
$299m | $330m | 13.6% |
| 49 | Fiji |
$292m | $123m | 7.3% |
| 50 | Yemen |
$284m | $150m | 2.6% |
| 51 | Chad |
$243m | $208m | 8.5% |
| 52 | Malawi |
$242m | $203m | 6.8% |
| 53 | Mauritania |
$240m | $263m | 7.3% |
| 54 | Papua New Guinea |
$226m | $1.1bn | 15.3% |
| 55 | Benin |
$200m | $366m | 4.1% |
| 56 | Djibouti |
$179m | $1.4bn | 50.5% |
| 57 | Samoa |
$171m | $91m | 35.2% |
| 58 | Maldives |
$157m | $1.0bn | 24.9% |
| 59 | North Macedonia |
$130m | $493m | 8.6% |
| 60 | Guyana |
$129m | $493m | 22.5% |
| 61 | Tonga |
$125m | $66m | 50.8% |
| 62 | Honduras |
$112m | $274m | 2.9% |
| 63 | Tunisia |
$97m | $31m | 0.1% |
| 64 | Montenegro |
$94m | $717m | 15.9% |
| 65 | Rwanda |
$86m | $361m | 4.3% |
| 66 | Central African Republic |
$80m | $19m | 4.4% |
| 67 | Syria |
$79m | $67m | 2.0% |
| 68 | Nepal |
$78m | $247m | 2.8% |
| 69 | Algeria |
$76m | $64m | 7.5% |
| 70 | Jordan |
$72m | $56m | 0.2% |
| 71 | Madagascar |
$63m | $318m | 6.7% |
| 72 |  Botswana |
$58m | · | · |
| 73 | Eritrea |
$55m | $3m | 0.6% |
| 74 | Sierra Leone |
$50m | $58m | 4.4% |
| 75 | Lesotho |
$43m | $182m | 17.9% |
| 76 | Dominica |
$39m | $17m | 5.0% |
| 77 | Burkina Faso |
$38m | $99m | 1.9% |
| 78 | Vanuatu |
$38m | $158m | 44.6% |
| 79 | Cape Verde |
$32m | $21m | 1.1% |
| 80 | Nicaragua |
$19m | $18m | 0.2% |
| 81 |  São Tomé and Príncipe |
$19m | · | · |
| 82 | Guatemala |
$10m | $44m | 0.3% |
| 83 |  El Salvador |
$10m | · | · |
| 84 | Lebanon |
$8m | $7m | 0.0% |
| 85 |  Moldova |
$8m | · | · |
| 86 | Liberia |
$6m | $50m | 3.5% |
| 87 | Albania |
$5m | $2m | 0.0% |
| 88 |  Georgia |
$4m | · | · |
| 89 |  Dominican Republic |
$2m | · | · |
Why they rank where they do
-
Pakistan
Pakistan's debt to Chinese lenders peaked at $25.6 billion in 2021. China often rolls over or refinances Pakistan's loans: China did so for $3.4 billion in June 2025.
-
Angola
Angola owed $22.9 billion to Chinese lenders at its 2018 peak and has paid down steadily since. Angola's oil-backed Chinese loans fell to $8.9 billion by June 2025, according to Angola's finance ministry.
-
Sri Lanka
Sri Lanka suspended payments on its foreign debt in April 2022. Sri Lanka signed a deal to restructure $4.2 billion owed to China Exim Bank in June 2024.
-
Ethiopia
Ethiopia defaulted in December 2023 when it missed a $33 million payment on its only international bond. In April 2026 Ethiopia announced a debt-treatment agreement with China, in line with the G20 Common Framework.
-
Bangladesh
Bangladesh's Economic Relations Division ranks China only fourth among Bangladesh's lenders, with about 9% of the total. In January 2025 China agreed in principle to stretch repayment from 20 to 30 years.
-
Kenya
Kenya borrowed about $5 billion from China Exim Bank in 2014 and 2015 for its Standard Gauge Railway. In October 2025 Kenya moved those loans into yuan, which officials said would save $215 million a year.
-
Zambia
Zambia's official creditors agreed in June 2023 to restructure $6.3 billion, of which $4.1 billion was owed to China Exim Bank. Zambia signed bilateral deals covering some Chinese loans in October 2025.
-
Laos
Borrowed money paid for 60% of the $5.9 billion Laos-China railway, which opened in December 2021, according to AP. China has deferred $3.23 billion of Laos's payments since 2020.
-
Republic of the Congo
Republic of the Congo owes more than half of its foreign debt to Chinese lenders. China agreed to restructure that debt in 2019, a condition for an IMF bailout.
-
Djibouti
China Exim Bank lent Djibouti $492 million in 2013 for its section of the Addis Ababa-Djibouti railway. Coface put Djibouti's debt to China Exim at 37% of GDP at the end of 2023.
-
Equatorial Guinea
Nearly all of Equatorial Guinea's foreign debt, $829 million out of $896 million, is owed to Chinese lenders. The total is small, but the concentration is extreme.
-
Tonga
Tonga owes $67 million to China Exim Bank for a loan to rebuild central Nuku'alofa after the 2006 riots. Prime Minister Lord Fakafanua said in April 2026 that Tonga is not taking any more loans.
Which country owes China the most money?
In World Bank data, Pakistan owed Chinese lenders $22.4 billion at the end of 2024, ahead of Angola at $14.4 billion and Sri Lanka at $8.7 billion. These figures cover only the roughly 120 low- and middle-income countries that report to the World Bank. Venezuela, which does not report, is missing entirely. Societe Generale estimated in January 2026 that Venezuela owed China about $10 billion. China also held $618 billion in US Treasury securities in July 2026, but those are bonds bought on the market, not development loans. Japan held more.
- Pakistan$22.4bn
- Angola$14.4bn
- Sri Lanka$8.7bn
- Ethiopia$7.4bn
- Bangladesh$6.6bn
- Egypt$5.9bn
- Kenya$5.4bn
- Zambia$5.3bn
- Nigeria$5.3bn
- Laos$5.3bn
Which countries are most dependent on Chinese lending?
Equatorial Guinea owes 92.6% of its foreign public debt to Chinese lenders, but that is only $829 million. Republic of the Congo owes 55.7%, Laos 53%, Tonga 50.8% and Djibouti 50.5%. A high share does not always mean a large debt. Tonga owes about $66 million to Chinese lenders, out of $129 million in total. Laos is different. AidData estimates that Laos's debt to Chinese creditors equals 52% of its GDP, the highest ratio of any low- or middle-income country. China has deferred $3.23 billion of Laos's payments since 2020.
- Equatorial Guinea92.6%
- Republic of the Congo55.7%
- Laos53.0%
- Tonga50.8%
- Djibouti50.5%
- Vanuatu44.6%
- DR Congo44.4%
- Guinea40.3%
Is China still lending more to developing countries?
No. According to the Lowy Institute, China's new state-backed lending peaked in 2016 at more than $50 billion. By 2024, repayments exceeded new loans: net flows from China to developing countries fell to minus $34 billion. The Lowy Institute estimated in May 2025 that developing countries would pay $35 billion in debt service to China in 2025, with about $22 billion falling on 75 of the poorest and most vulnerable countries. The Lowy Institute counts China as the single largest bilateral creditor in 53 developing countries. The debt still owed remains higher than a decade ago: $170.4 billion in this ranking at the end of 2024, against $99.7 billion in 2014.
- Angola$10.5bn
- Brazil$7.7bn
- Turkmenistan$6.6bn
- Ethiopia$5.5bn
- Ecuador$5.2bn
- Pakistan$5.0bn
- Sri Lanka$4.3bn
- Myanmar$4.2bn
- Belarus$3.2bn
- Republic of the Congo$2.7bn
- Pakistan$22.4bn
- Angola$14.4bn
- Sri Lanka$8.7bn
- Ethiopia$7.4bn
- Bangladesh$6.6bn
- Egypt$5.9bn
- Kenya$5.4bn
- Zambia$5.3bn
- Nigeria$5.3bn
- Laos$5.3bn
Moves up the ranking
Which countries have paid down their Chinese debt since 2014?
Turkmenistan's debt to Chinese lenders fell from $6.6 billion in 2014 to $76 million in 2024. Turkmenistan said in June 2021 that it had fully repaid Chinese loans for the gas pipeline to China and the Galkynysh gas field. Brazil's fell from $7.7 billion to $2.6 billion. Petrobras, Brazil's state oil company, repaid a $5 billion China Development Bank loan eight years early in 2019. Ecuador's fell from $5.2 billion to $2.7 billion. Myanmar's dropped from $4.2 billion to $1.7 billion, and Vietnam's from $2.4 billion to $500 million. Angola, the top borrower in 2014, has paid down from its 2018 peak of $22.9 billion to $14.4 billion.
- Turkmenistan−99%
- Iran−98%
- Eritrea−94%
- Vietnam−79%
- Central African Republic−76%
- Mauritius−71%
- Tunisia−68%
- Brazil−66%
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