Ranked: Countries With the Most Debt to China

Which Countries Owe China the Most?

Key Takeaways

• Pakistan owes Chinese creditors $22.38 billion, more than any other country in the ranking.

• Angola ranks second at $14.4 billion, followed by Sri Lanka ($8.69 billion) and Ethiopia ($7.44 billion).

• Countries in Africa and Asia dominate the ranking, though borrowers in Europe and South America also appear.

From power plants in Pakistan to railways in East Africa, Chinese lending has helped finance major infrastructure projects across the developing world. But these investments have also left some countries with substantial repayment obligations, raising questions about debt sustainability and financial dependence.

This graphic ranks countries reporting to the World Bank’s International Debt Statistics by their outstanding long-term public and publicly guaranteed debt to Chinese creditors in 2024.

The All-Weather Strategic Partners

Pakistan tops the ranking with $22.38 billion in outstanding debt to Chinese creditors, nearly $8 billion more than second-place Angola. The South Asian country has maintained close military and economic ties with Beijing for decades, with the two countries describing their relationship as an “all-weather strategic partnership.” Chinese financing has supported major investments in Pakistan’s electricity generation and transport infrastructure.

Angola follows at $14.4 billion. Its ties to Chinese lenders expanded during postwar reconstruction, beginning with a $2 billion credit line in 2004 that grew substantially as rebuilding continued.

The following table ranks the top 35 countries by their outstanding debt to Chinese creditors in 2024.

RankCountryDebt to China in 2024 (billions $)

1 Pakistan22.38

2 Angola14.40

3 Sri Lanka8.69

4 Ethiopia7.44

5 Bangladesh6.63

6 Egypt5.91

7 Kenya5.37

8 Zambia5.33

9 Nigeria5.32

10 Laos5.31

11 Argentina5.24

12 Côte d’Ivoire4.11

13 Cambodia4.07

14 Uzbekistan3.92

15 DR Congo3.52

16 South Africa3.33

17 Cameroon3.31

18 Serbia3.21

19 Republic of the Congo2.97

20 Belarus2.76

21 Ecuador2.71

22 Brazil2.65

23 Uganda2.57

24 Senegal2.22

25 Mongolia2.12

26 Zimbabwe2.01

27 Kazakhstan1.90

28 Ghana1.85

29 Myanmar1.73

30 Kyrgyzstan1.65

31 Guinea1.65

32 Indonesia1.45

33 Mozambique1.43

34 Tanzania1.42

35 Djibouti1.41

Kenya’s $5.37 billion debt offers a concrete example of where this financing goes. Chinese loans covered approximately 90% of the cost of the Mombasa–Nairobi railway, connecting the country’s capital with its main seaport and providing a route for passengers and freight.

These projects also generate business for Chinese companies. Chinese contractors built both Kenya’s railway and the Addis Ababa–Djibouti line, with Chinese firms involved in equipment supply and operations. Lending therefore supports overseas demand for China’s engineering services and technology.

The Economic Corridor Reshaping Ties

The China–Pakistan Economic Corridor (CPEC) brings together power plants, transmission lines, and transport projects intended to ease electricity shortages and improve connections across the country. Its energy investments span coal, hydropower, wind, and solar generation.

By late 2024, completed projects had added more than 8,900 megawatts of electricity capacity to Pakistan’s grid, while nearly 900 kilometers of motorways and highways had been completed. These investments expanded the infrastructure available to households, factories, and businesses moving goods around the country.

The financial relationship also extends to managing existing debts. In March 2025, China granted Pakistan another year to repay a $2 billion loan, postponing a substantial payment as Islamabad worked through its broader economic stabilization program.

Debt Trap Diplomacy?

Large debt burdens have raised concerns about some countries’ ability to repay Chinese creditors. The Republic of the Congo, for example, owes $2.97 billion, equivalent to more than a tenth of its annual economic output in nominal terms.

China’s lending practices have also prompted accusations of “debt-trap diplomacy,” the idea that large infrastructure loans can create financial dependence or strategic leverage. Sri Lanka, which owes Chinese creditors $8.69 billion, is frequently cited in this debate because of its Hambantota port project. However, this interpretation of Chinese lending remains contested, with researchers also pointing to borrowing countries’ broader economic conditions.

Meanwhile, some countries have been reducing their outstanding debts to Beijing. Angola’s balance fell by nearly a fifth between 2023 and 2024, though its ability to make further early repayments remains closely tied to global oil prices.

Learn More on the Voronoi App

For a closer look at China’s economic ties with emerging markets, check out China’s Exports Grow in Emerging Markets, Decline in the U.S. on Voronoi.

Source: https://www.visualcapitalist.com/ranked-countries-with-the-most-debt-to-china/