In order to support the "One China" policy, Pakistan refused to allow Taiwanese airlines to enter and exit its airspace. After the news was revealed, Pakistan withdrew the ban. In fact, Pakistan has long maintained close military, diplomatic and economic relations with Beijing, and even owes China US$22.38 billion (approximately NT$727.4 billion), ranking first in the world's debt to China. As Pakistan's economy continues to be under pressure, the demand for Chinese loans and debt extensions has also led to Beijing's use of diplomacy and economic pressure on other countries, and its unfriendly measures against Taiwan have attracted attention.
"Visual Capitalist" recently released the ranking of "Countries that owe the most money to China in the world", citing the World Bank's international debt statistics, which calculated the long-term public and publicly guaranteed debts owed by various countries to Chinese creditors as of the end of 2024.
The results show that Pakistan ranks first in the world with US$22.38 billion, far surpassing second-ranked Angola at US$14.4 billion (approximately NT$468 billion). The debt gap between the two countries is close to US$8 billion (approximately NT$260 billion).
Pakistan is an important partner country in China's "One Belt, One Road" initiative, and the two sides even describe their relationship as an "all-weather strategic partnership." Through the China-Pakistan Economic Corridor (CPEC), Beijing has invested heavily in helping Pakistan build power plants, transmission grids, roads and transportation facilities. The relevant energy plans cover coal-fired, hydropower, wind and solar power generation. These constructions improve local infrastructure, but also come with huge financing and repayment obligations.
Pakistan has long faced problems such as foreign exchange shortages, financial pressure and energy sector debt, and must continue to seek international financial support. In March 2025, China agreed to postpone the repayment period of a US$2 billion (approximately NT$65 billion) loan from Pakistan for one year to help alleviate short-term repayment pressure.
After Pakistan, second-ranked Angola owes China US$14.4 billion. Since 2004, China has provided Angola with a US$2 billion credit line to assist in post-war reconstruction, and subsequent financing has gradually expanded. However, Angola’s debt to China in 2024 will be reduced by nearly 20% compared with the previous year, and its ability to repay in advance in the future will still be closely related to international oil prices.
Ranking third is Sri Lanka, which owes China US$8.69 billion (approximately NT$282.4 billion). The country has long been the focus of controversy over China's "debt trap diplomacy" due to the development of the Hambantota port. The fourth place is Ethiopia, which owes China US$7.44 billion (approximately NT$241.8 billion); the fifth place is Bangladesh, which owes US$6.63 billion (approximately NT$215.4 billion).
The sixth-placed Egypt is US$5.91 billion (approximately NT$192.0 billion); the seventh-placed Kenya is US$5.37 billion (approximately NT$174.5 billion); the eighth-placed Zambia is US$5.33 billion (approximately NT$173.2 billion); the ninth-placed Nigeria is US$5.32 billion (approximately NT$172.9 billion); the tenth-placed Laos is US$5.31 billion (approximately NT$172.5 billion).
Among them, Kenya’s Mombasa-Nairobi railway is a representative case of China’s overseas infrastructure financing. Chinese loans account for about 90% of the construction cost of the railway, which helps connect Kenya's capital and major ports and improve passenger and cargo transportation conditions. These large-scale projects also create huge business opportunities for Chinese companies. In addition to the Kenya Railway, Chinese companies are also involved in the construction of the Ethiopia-Djibouti Railway, from project contracting, equipment supply to subsequent operations, driving overseas demand for Chinese engineering services and technical equipment.
Ranked 11th is Argentina in South America, which owes China US$5.24 billion (approximately NT$170.3 billion); 12th is Ivory Coast in Africa with US$4.11 billion (approximately NT$133.5 billion); and 13th is Cambodia. US$4.07 billion (approximately NT$132.2 billion); 14th-placed Uzbekistan with US$3.92 billion (approximately NT$127.4 billion); 15th-placed Democratic Republic of the Congo with US$3.52 billion (approximately NT$114.4 billion).
Ranked 16th is South Africa, which owes China US$3.33 billion (approximately NT$108.2 billion); Cameroon, 17th, owes US$3.31 billion (approximately NT$107.5 billion); and Serbia, 18th, owes 32 .100 million U.S. dollars (approximately NT$104.3 billion); the 19th-placed Republic of Congo, 2.97 billion U.S. dollars (approximately NT$96.5 billion); the 20th-placed Belarus, 2.76 billion U.S. dollars (approximately NT$89.7 billion).
From this ranking, we can find that China’s overseas claims are mainly concentrated in developing countries in Asia and Africa, but the borrowing countries also cover South America and Europe, reflecting the wide geographical scope of Beijing’s external lending.
It is worth noting that although the absolute amount owed by some countries to China is not as great as that of Pakistan, it still poses a heavy burden relative to the size of their economies. For example, the Republic of Congo owes China US$2.97 billion, equivalent to more than one-tenth of the country's annual nominal gross domestic product (GDP).
Over the years, China has expanded overseas economic activities through large-scale infrastructure loans, and related financing has also triggered controversy over "debt trap diplomacy." Critics argue that huge debt could make borrowing countries more dependent on Chinese funds, giving Beijing potential influence on diplomatic and strategic issues.
