China's Expanding Role in Global Bailouts and Lending
China is emerging as a new heavyweight in providing emergency funds to debt-ridden countries, catching up to the IMF as a lender of last resort. China has been helping countries that have either geopolitical significance or lots of natural resources. China provided $40.5 billion in emergency loans to distressed countries in 2021, compared to the IMF's $68.6 billion. China's emerging position as a lender of last resort reflects its evolving status as an economic superpower at a time of global weakness.