FAST FIVE: Mapping China's Global Debt-Serfdom-ification
Yet, as Statista's Katharina Buchholz notes, the world map of debt to China amassed through direct loans (excluding debt holdings and short-term trade debt) shows that a majority of countries heavily in debt to China are in Africa, but that Central Asia and Latin America follow close behind.
You will find more infographics at Statista While China's overseas lending is coordinated by the country's centralized government, it is often poorly documented, which the researchers of the paper were trying to change.
In the 1970s, a lending boom which consisted of similar contracts offered by US, European and Japanese banks had led to this outcome for a number of developing countries which were trying to improve their infrastructure, according to the research.
Meanwhile, external debt to China through portfolio holdings is concentrated in developed nations and passes the threshold of 10 percent of GDP for Germany and the Netherlands.
It amounts to between 5 and 10 percent of GDP in the US, Canada, France, the UK and Australia.