China's overseas development program

China’s overseas development program is a lightning rod for controversy. Beijing has fueled speculation amongst policymakers, scholars, and journalists by shrouding its grant-giving and lending activities in secrecy. This chapter reviews the existing empirical literature on the aims and impacts of China’s overseas development program and compares it to other “new” donors. A core finding is that Beijing’s willingness to bankroll big-ticket infrastructure projects has created new opportunities for developing countries to achieve rapid socioeconomic gains, but it has also introduced risks, such as corruption, political capture, and conflict. This tension between efficacy and safety in China’s overseas development program has significant implications for the long-run sustainability of the Belt and Road Initiative (BRI).