According to a new study revealing China's role in global financing, Turkey is among the top 10 countries with the highest debt to the Beijing administration. In the study, which is based on World Bank data, Turkey's debt to China was calculated at 28 billion dollars.
With this amount, Turkey is ranked 10th among the countries with the highest debt to China. The research did not provide a detailed breakdown of this debt in terms of public and private sectors.
RUSSIA IS AT THE TOP OF THE LIST
The country with the highest debt to China is Russia, with approximately 169 billion dollars. Russia is followed by Venezuela with 113 billion dollars and Pakistan with 69 billion dollars. Angola ranked fourth with 65 billion dollars, and Kazakhstan ranked fifth with 64 billion dollars.
Other countries in the top 10 include Indonesia, Brazil, Argentina, Vietnam, and Turkey. The research shows that China provides significant amounts of financing not only to developing economies but also to major economies such as Russia and Brazil.
It was stated that the total debt of the 30 countries examined to China reached approximately 1 trillion 31 billion dollars. The total debt of Russia, Venezuela, and Iran was calculated at 310.1 billion dollars. The debt of these three countries corresponds to 30.1 percent of the total liabilities of the 30 countries on the list.
Chinese financial institutions have become more visible in the international credit market in recent years with the loans they provide for infrastructure, energy, transportation, and industrial projects. This picture indicates that China is increasing its weight in global debt relations as well as in trade and production.
News Source: 12punto
