China has been recorded to have lent a lot of money for funding to many other countries in the last few years. Sources say that China has surpassed the amount of lent money compared to the World Bank. Analysts and economists say that this is a big sign that China is a super power in the economic world.
The two banks that provided much of the funding in various developing countries are China development Bank and china Export-Import Bank. Both banks have approved loans amounting to $110B in the years 2009 and 2010. On the other hand, World Bank has approved loans amounting to $100.3B in 2008 to 2010, a little less than $10B short compared to China.
These loans indicate that China is well independent from Western economies and can stand up on its own, further helping other countries as they experience financial countries. These two banks also show that China is starting to lead the pack and move the world to a China-led globalization.
The recent financial crisis was a big opportunity for the Chinese government to open its doors and at the same time put their foot forward to striking commercial deals as well as other agreements with countries that produce energy. These deals include loan-for-oil deals with Russia, Brazil and Venezuela. Power equipment from India, infrastructure projects in Ghana, as well as railways in Argentina, were just some of the biggest deals that the People’s Republic of China has struck upon to sustain their country and boost their economy, making them the super power that they are now.
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