China is now a bigger presence in international development finance than all of the world’s six major multilateral financial institutions put together, a new study has found.

一项新的研究发现，中国在国际发展融资领域的存在现在比全球六大多边金融机构加起来还要大。

The study, conducted by academics from Boston University and the Chinese Academy of Social Sciences, shows that in just over a decade lending overseas by Chinese development finance institutions has doubled the amount of such finance available in the world economy.

由波士顿大学(Boston University)和中国社科院(Chinese Academy of Social Sciences)学者进行的这项研究显示，在10年多一点的时间里，中国发展融资机构向海外放贷使世界经济中可用的此类融资增加了一倍。

“China is emerging as the global leader in development finance,” said the study, which was authored jointly by Kevin Gallagher, professor at Boston University and co-director at the Global Economic Governance Initiative (GEGI), Rohini Kamal of GEGI and Wang Yongzhong at the Chinese Academy of Social Sciences.

“中国正成为发展融资的全球领导者，”这项研究得出结论称。研究报告的联名作者是波士顿大学教授、全球经济治理倡议(GEGI)联席总监凯文•加拉格尔(Kevin Gallagher)、GEGI的罗希尼•卡迈勒(Rohini Kamal)以及中国社科院的王永中。

Two Chinese policy banks — the China Development Bank (CDB) and the Export-Import Bank of China — had outstanding loans to overseas borrowers amounting to an estimated $684bn at the end of 2014, just short of the $700bn owed to the six western-backed multilateral development institutions (see chart), the study estimates.

据这项研究估计，两家中国政策性银行——中国国家开发银行(CDB)和中国进出口银行(Export-Import Bank of China)——截至2014年底发放给海外借款人的未偿还贷款余额估计达到6840亿美元，仅略低于西方支持的六家多边发展机构的7000亿美元（见图表）。

In addition, China has in recent years set up two new multilateral development banks — the Asia Infrastructure Investment Bank and the New Development Bank — and at least 13 regional funds (see chart below).

此外，中国近年成立了两家新的多边发展银行——亚洲基础设施投资银行(AIIB)和新开发银行（New Devel-opment Bank，即金砖国家开发银行——译者注） ，以及至少13只区域基金（见以下图表）。

These funds alone have made available $106bn in development finance — according to estimates in the study — bringing the total of Chinese financing to well above the $700bn in assets of the six western-backed development banks.

据这项研究估计，仅仅是这些基金就提供了1060亿美元的发展融资，使中国提供的资金总额远远高于西方支持的六家发展银行的7000亿美元资产。

In terms of individual lending institutions, the CDB has overtaken the World Bank as the world’s biggest provider of international development finance with estimated outstanding overseas assets of $375bn at the end of 2014, according to calculations in the study based on bank annual reports. This eclipsed the World Bank as well as smaller multilateral lenders such as the Asian Development Bank and the Inter-American Development Bank, the study found.

就个别贷款机构而言，这项研究根据银行年报进行的计算显示，中国国开行已超过世界银行(World Bank)，成为世界最大的国际发展融资提供者，截至2014年底的海外未清偿资产估计达到3750亿美元。该研究发现，这不仅超过世界银行，也超过较小的多边贷款机构，如亚洲开发银行(Asian Development Bank)和美洲开发银行(Inter-American Development Bank)。

If outstanding loans to domestic borrowers from the two Chinese policy banks are included in calculations, then China’s dominance in global development finance becomes even more unequivocal. The CDB and Ex-Im Bank have well over $2tn in total combined assets both inside and outside China, the study estimates.

如果把两家中国政策性银行发放给国内借款人的未偿还贷款也计算在内，那么中国在全球发展融资领域的霸主地位变得更加明确。这项研究估计，国开行和进出口银行两家在境内和境外的总资产远远超过2万亿美元。

“In terms of scale, Chinese finance is a major foot forward,” said Prof Gallagher. “All the talk in the development world is of the need to move from ‘billions to trillions’ in order to transition to a more low-carbon and equitable world economy.”

“就规模而言，中方提供的融资是向前迈出的一大步，”加拉格尔教授表示。“在开发界，目前各方都在谈论需要从‘数十亿增加到数万亿’，以便转型到一个更为低碳和平等的世界经济。”

However, concerns persist over the environmental and social impact of China’s development assistance, which eschews the stringent conditions that are attached to loans from the western-backed multilateral institutions.

但是，对于中国发展援助带来的环境和社会影响，外界的担忧挥之不去；中国在提供资金时通常不附带西方支持的多边机构的贷款所附带的严格条件。

The issue is particularly pronounced in China’s financing of energy projects overseas. Between 2007 and 2014, China’s banks provided upwards of $117bn in energy finance, just shy of the $119bn extended by the multilateral development banks (see chart) over the same period, according to estimates in the study.

这个问题在中国为海外能源项目提供资金时尤为明显。根据该研究估计，2007年至2014年期间，中国各银行提供了逾1170亿美元能源融资，仅略低于多边发展银行同期提供的1190亿美元（见图表）。

The social costs of coal projects in particular are considerable. The study estimates that the annual social costs of China’s overseas coal assets are upwards of $27bn.

煤炭项目的社会成本尤其巨大。该研究估计，中国的海外煤炭资产每年造成逾270亿美元的社会成本。