2021
DOI: 10.1111/dech.12686
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Hidden in Plain Sight: Chinese Development Finance in Central and Eastern Europe

Abstract: China's bilateral loans have been the subject of much controversy. Most recently, an influential paper by Horn, Reinhart and Trebesch claimed that a large proportion of Chinese overseas lending is 'hidden' and not reported to any of the institutions which monitor global financial flows. This article examines this proposition in relation to Central and Eastern Europe, through an analysis of official Chinese lending to four countries (Belarus, Montenegro, North Macedonia and Ukraine). It finds that the most rece… Show more

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Cited by 6 publications
(2 citation statements)
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“…To be sure, there is a voluminous literature on the diversity of financing on BRI projects, but these accounts largely centre on the role of the Chinese state through the deployment of state capital via SOEs and state-owned financial institutions, to further productive expansion, including works that delve into the nature and implications of China's bankbased debt-financing of infrastructure projects (Chin & Gallagher, 2019;Jepson, 2021), the creation of multilateral development financing institutions such as the Asia Infrastructure Investment Bank and the New Development Bank (Liu et al, 2020;Ly, 2020), and the emergence of a parallel China-led export-credit development financing regime to that offered by the existing liberal order (Chen, 2021). However, financialisation is analytically distinct from financing, which does not reflect how legacies of financial appropriation mediated by historical and geographical context have conditioned BRI expansion.…”
Section: Bri: Spatial Fix and Beyondmentioning
confidence: 99%
“…To be sure, there is a voluminous literature on the diversity of financing on BRI projects, but these accounts largely centre on the role of the Chinese state through the deployment of state capital via SOEs and state-owned financial institutions, to further productive expansion, including works that delve into the nature and implications of China's bankbased debt-financing of infrastructure projects (Chin & Gallagher, 2019;Jepson, 2021), the creation of multilateral development financing institutions such as the Asia Infrastructure Investment Bank and the New Development Bank (Liu et al, 2020;Ly, 2020), and the emergence of a parallel China-led export-credit development financing regime to that offered by the existing liberal order (Chen, 2021). However, financialisation is analytically distinct from financing, which does not reflect how legacies of financial appropriation mediated by historical and geographical context have conditioned BRI expansion.…”
Section: Bri: Spatial Fix and Beyondmentioning
confidence: 99%
“…As China provides such package deals there is limited leeway for local tailoring (Liu & Lim, 2022). Host countries can choose between project types, but if China is the financier, the project comes as a package of Chinese state-owned institutions with little room to choose international 65 See Chin and Gallagher (2019) for details on the roles of different Chinese organizations involved in overseas project finance 66 See Jepson (2021) for an assessment of the accuracy of official and unofficial accounts of Chinese overseas lending.…”
Section: China's Belt and Road Initiativementioning
confidence: 99%