China loans more to developing countries than World Bank

In the morning of January 18, foreign media reported that China had lent more to other developing countries over the past two years than the World Bank. The Financial Times reported that in 2009 and 2010, the National Development Bank and the China Import and export bank issued at least 110 billion dollars in loans to other developing countries and companies. From 2008 to 2010, the World Bank's corresponding agency made 100.3 billion of dollars in loan commitments.　　In response to the financial crisis, the loan scale itself has reached record levels. Reports say China's agreements include a massive loan-for-oil deal with Russia, Venezuela and Brazil, loans to an Indian company to buy power equipment, infrastructure loan projects in Ghana, and a rail deal in Argentina. The World Bank has been trying to work with China to avoid a competitive escalation in loan deals.