Top 20 Countries with the Highest Debt to China

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Top 20 Countries with the Highest Debt to China in 2025

The landscape of global credit relations has evolved significantly over recent years, reflecting geopolitical shifts, economic strategies, and development priorities. Here is a detailed breakdown of the nations most heavily indebted to China as of 2025, highlighting the scale and regional distribution of these loans.

Pakistan Leads as the Largest Borrower from China

Pakistan continues to hold the distinction as the top debtor nation, owing approximately $26.6 billion to China. The bilateral financial relationship has deepened over the years, with China investing heavily in Pakistan’s infrastructure, energy, and transportation sectors. This debt is part of the wider China-Pakistan Economic Corridor (CPEC), which aims to bolster regional connectivity but raises questions about long-term debt sustainability for Islamabad.

Angola and Sri Lanka: African and South Asian Heavyweights

Angola follows closely, with unpaid loans amounting to $21 billion. China’s investments in Angola largely focus on oil exploration and infrastructure development, key to the country’s economy. Meanwhile, Sri Lanka holds debt of around $8.9 billion, much of which is linked to major infrastructure projects like the Hambantota port, which has drawn considerable international attention regarding debt management and strategic assets.

East African Nations in Deep Debt

Kenya and Zambia owe $6.7 billion and $6.1 billion respectively. Kenya’s debt primarily supports railway projects and port expansions, reflecting its strategic aspirations to become a regional logistics hub. Zambia’s reliance on Chinese loans illustrates its ongoing development needs amid economic challenges.

South Asia and North Africa: Substantial Debts

Bangladesh is also heavily indebted, holding $6.1 billion, predominantly from energy projects and transportation infrastructure. Egypt’s debt of approximately $5.2 billion highlights its ongoing push for economic modernization, including ports, roads, and energy infrastructure.

West African and Central African Countries

Côte d’Ivoire and Cameroon round out the list with debts of around $3.9 billion and $3.8 billion, respectively. These countries are focusing on building transportation networks, hospitals, and energy systems, often with Chinese financial support that accelerates their development agendas.

Emerging Economies and South American Partnerships

South Africa and the Republic of the Congo each owe roughly $3.4 billion, funding a variety of infrastructure projects aimed at reinvigorating their economies. Brazil’s debt, also at $3.4 billion, marks a shift in its traditionally Western-oriented foreign relations.

In South America, Ecuador and Argentina owe $4.1 billion and $2.9 billion, respectively. Their debts highlight the growing influence China maintains in Latin America, focusing on resource extraction and infrastructure.

Mongolian and Other Notable Debtors

Mongolia’s $3 billion debt signifies China’s strategic interest in the resource-rich northern regions, while nations like Belarus and Bangladesh have debts of around $3.9 billion and $6.1 billion, emphasizing the broader Eurasian coverage of China’s Belt and Road Initiative.

Key Takeaways

The overall debt landscape emphasizes rapid infrastructure development, often tied to resource extraction, transportation, and energy projects.
Countries heavily reliant on Chinese debt face challenges regarding debt sustainability and geopolitical influence.
The regional distribution showcases China’s expansive reach across Africa, Asia, and Latin America, with investments tailored to each nation’s priorities and capacities.

This map captures those nations most economically entangled with China in 2025, illustrating the global footprint of Chinese finance and influence.

Future Outlook

With ongoing geopolitical tensions and shifting economic alliances, the trajectory of these debts remains uncertain. Many countries are reevaluating their reliance on Chinese loans, seeking alternative partners, and implementing measures to optimize debt management. Meanwhile, China’s continued investments prioritize strategic sectors that will shape the geopolitical and economic landscape for years to come.

Source: World Bank, 2025