中國成爲發展融資全球領導者

China is now a bigger presence in international development finance than all of the world’s six major multilateral financial institutions put together, a new study has found.

一項新的研究發現，中國在國際發展融資領域的存在現在比全球六大多邊金融機構加起來還要大。

The study, conducted by academics from Boston University and the Chinese Academy of Social Sciences, shows that in just over a decade lending overseas by Chinese development finance institutions has doubled the amount of such finance available in the world economy.

由波士頓大學(Boston University)和中國社科院(Chinese Academy of Social Sciences)學者進行的這項研究顯示，在10年多一點的時間裏，中國發展融資機構向海外放貸使世界經濟中可用的此類融資增加了一倍。

“China is emerging as the global leader in development finance,” said the study, which was authored jointly by Kevin Gallagher, professor at Boston University and co-director at the Global Economic Governance Initiative (GEGI), Rohini Kamal of GEGI and Wang Yongzhong at the Chinese Academy of Social Sciences.

“中國正成爲發展融資的全球領導者，”這項研究得出結論稱。研究報告的聯名作者是波士頓大學教授、全球經濟治理倡議(GEGI)聯席總監凱文•加拉格爾(Kevin Gallagher)、GEGI的羅希尼•卡邁勒(Rohini Kamal)以及中國社科院的王永中。

Two Chinese policy banks — the China Development Bank (CDB) and the Export-Import Bank of China — had outstanding loans to overseas borrowers amounting to an estimated $684bn at the end of 2014, just short of the $700bn owed to the six western-backed multilateral development institutions (see chart), the study estimates.

據這項研究估計，兩家中國政策性銀行——中國國家開發銀行(CDB)和中國進出口銀行(Export-Import Bank of China)——截至2014年底發放給海外借款人的未償還貸款餘額估計達到6840億美元，僅略低於西方支持的六家多邊發展機構的7000億美元（見圖表）。

In addition, China has in recent years set up two new multilateral development banks — the Asia Infrastructure Investment Bank and the New Development Bank — and at least 13 regional funds (see chart below).

此外，中國近年成立了兩家新的多邊發展銀行——亞洲基礎設施投資銀行(AIIB)和新開發銀行（New Devel-opment Bank，即金磚國家開發銀行——譯者注） ，以及至少13只區域基金（見以下圖表）。

These funds alone have made available $106bn in development finance — according to estimates in the study — bringing the total of Chinese financing to well above the $700bn in assets of the six western-backed development banks.

據這項研究估計，僅僅是這些基金就提供了1060億美元的發展融資，使中國提供的資金總額遠遠高於西方支持的六家發展銀行的7000億美元資產。

In terms of individual lending institutions, the CDB has overtaken the World Bank as the world’s biggest provider of international development finance with estimated outstanding overseas assets of $375bn at the end of 2014, according to calculations in the study based on bank annual reports. This eclipsed the World Bank as well as smaller multilateral lenders such as the Asian Development Bank and the Inter-American Development Bank, the study found.

就個別貸款機構而言，這項研究根據銀行年報進行的計算顯示，中國國開行已超過世界銀行(World Bank)，成爲世界最大的國際發展融資提供者，截至2014年底的海外未清償資產估計達到3750億美元。該研究發現，這不僅超過世界銀行，也超過較小的多邊貸款機構，如亞洲開發銀行(Asian Development Bank)和美洲開發銀行(Inter-American Development Bank)。

If outstanding loans to domestic borrowers from the two Chinese policy banks are included in calculations, then China’s dominance in global development finance becomes even more unequivocal. The CDB and Ex-Im Bank have well over $2tn in total combined assets both inside and outside China, the study estimates.

如果把兩家中國政策性銀行發放給國內借款人的未償還貸款也計算在內，那麼中國在全球發展融資領域的霸主地位變得更加明確。這項研究估計，國開行和進出口銀行兩家在境內和境外的總資產遠遠超過2萬億美元。

“In terms of scale, Chinese finance is a major foot forward,” said Prof Gallagher. “All the talk in the development world is of the need to move from ‘billions to trillions’ in order to transition to a more low-carbon and equitable world economy.”

“就規模而言，中方提供的融資是向前邁出的一大步，”加拉格爾教授表示。“在開發界，目前各方都在談論需要從‘數十億增加到數萬億’，以便轉型到一個更爲低碳和平等的世界經濟。”

However, concerns persist over the environmental and social impact of China’s development assistance, which eschews the stringent conditions that are attached to loans from the western-backed multilateral institutions.

但是，對於中國發展援助帶來的環境和社會影響，外界的擔憂揮之不去；中國在提供資金時通常不附帶西方支持的多邊機構的貸款所附帶的嚴格條件。

The issue is particularly pronounced in China’s financing of energy projects overseas. Between 2007 and 2014, China’s banks provided upwards of $117bn in energy finance, just shy of the $119bn extended by the multilateral development banks (see chart) over the same period, according to estimates in the study.

這個問題在中國爲海外能源項目提供資金時尤爲明顯。根據該研究估計，2007年至2014年期間，中國各銀行提供了逾1170億美元能源融資，僅略低於多邊發展銀行同期提供的1190億美元（見圖表）。

The social costs of coal projects in particular are considerable. The study estimates that the annual social costs of China’s overseas coal assets are upwards of $27bn.

煤炭項目的社會成本尤其巨大。該研究估計，中國的海外煤炭資產每年造成逾270億美元的社會成本。