The latecomer's rise: policy banks and the globalization of China's development finance.

The article examines China's significant role as a supplier of development finance to emerging economies, highlighting that between 2000 and 2017, China transferred approximately US$843 billion in total development finance, surpassing all Western institutions combined by 2019. The author argues against the notion that China's development finance is strictly state-led, suggesting instead that market principles drive the operations of key Chinese policy banks, such as the China Development Bank and the Export–Import Bank of China. Despite this market-driven approach, concerns arise regarding China's lending practices, including accusations of predatory behavior and a lack of flexibility in debt renegotiation. The article also notes potential challenges to China's ambitions, such as its reliance on dollar-based funding and its rigid stance on debt restructuring, which may undermine its reputation as a reliable partner for developing countries. [Extracted from the article]