Issue 6

The Misinterpretation and Truth Behind “Net Debt Payments”: A Comprehensive View and Reflection on China’s Financing to Developing Countries

HUANG Meibo and ZHANG Yuning

For details, please refer to page 3-5 of Issue 6 of Overseas Investment & Export Credits,2025.

Resource-Financed Infrastructure Mitigates Credit Rationing in Poorly Governed Countries

XU Jiajun

For details, please refer to page 6 of Issue 6 of Overseas Investment & Export Credits,2025.

A Re-examination of China’s Overseas Loan Guarantee Practices

XIONG Wanting

For details, please refer to page 7-9 of Issue 6 of Overseas Investment & Export Credits,2025.

An Analysis of Debt Issues at the Fourth UN Financing for Development Forum

MU Yuchen and SUN Tianshu

This article examines the UN Financing for Development (FFD) Forum, tracing the evolution in the perception of debt issues across its four sessions and assessing the key initiatives proposed at the latest conference. It then analyzes the transformation of the global debt governance model within an “anarchic” international landscape—a shift from “management” reliant on hard rules to “governance” underpinned by soft norms and multi-stakeholder collaboration. On this basis, the article highlights the need to focus on shaping normative influence, which entails strengthening issue synergy, deepening institutional participation and promoting regional coordination, thereby enhancing the responsiveness of global debt governance. For more details, please refer to page 10-15 of Issue 6 of Overseas Investment & Export Credits,2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Research on Optimizing the “Going Global” Strategies of Chinese SMEs

ZHANG Lei, PANG Beibei and ZHANG Jie

Against the backdrop of deglobalization, Chinese SMEs’ “going global” trajectory is encountering multiple challenges, including a deteriorating external environment, insufficient core competitiveness and shortage in funding and talent supply. Potential breakthroughs, however, can be found in emerging market growth, digital transformation and the rise of green economy. International practices demonstrate that through optimized strategies, such as policy guidance, capacity building, digital empowerment and resource coordination, SMEs can achieve a high-quality and sustainable "going global", thus promoting China’s high-standard opening-up and fostering a new development dynamic. For more details, please refer to page 16-19 of Issue 6 of Overseas Investment & Export Credits,2025.

An Analysis of U.S.–Africa Trade and Economic Policies During Trump’s Second Term

WANG Meng and MA Hanzh

During Trump’s second term, under the influence of intensified great power competition, domestic realities, and the growing economic potential of the African continent, the new U.S. administration will accelerate the adjustment of its economic and trade policy towards Africa. At the strategic level, the U.S. will reshape its relationship with Africa centered on strategic competition; at the policy level, it will promote the shift of U.S.-Africa cooperation from aid-based to investment-and-trade-driven. As for specific areas and countries, it will focus on critical minerals, energy security, and African countries deemed “useful” to the U.S. However, Trump’s competition-oriented logic and pursuit of short-term interests will lead to a lack of continuity in U.S.-Africa trade and economic policies, failing to meet Africa’s development needs and even exacerbating risks such as debt problems in African countries. For more details, please refer to page 20-24 of Issue 6 of Overseas Investment & Export Credits,2025.
　　

Analysis of the Reasons and Impacts of the U.S. Imposition of “Reciprocal Tariffs”

Su Qingyi and Jiang Yang

Leveraging its dominant position in the global market, the U.S. has imposed “reciprocal tariffs” with the aim of reducing its trade deficit and alleviating fiscal deficits, in an attempt to unilaterally reshape a new economic order that serves U.S. interests. This action undermines the multilateral trade system, impedes economic globalization, and leads to a restructuring of the international division of labor. This not only fails to address the economic imbalances within the U.S. and abroad, but also exacerbates the risk of inflation within the U.S. economy. Although collective countermeasures would theoretically be the optimal response, various economies have struggled to form an effective coalition due to divergent interests, the “free-rider” incentives, and the U.S.’s “divide and conquer” strategy. This situation reflects the uncertainty and divergence among various parties regarding their visions of the future economic order. Throughout this process, China has responded effectively by upholding the multilateral trade system, counteracting U.S.’s actions, engaging in negotiations, and implementing buffer measures. For more details, please refer to page 25-30 of Issue 6 of Overseas Investment & Export Credits,2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

International Engineering Projects and Financial Leasing

SONG Dongsheng

Financial leasing, as a flexible and efficient financing instrument, has been widely applied in international engineering projects. This article explores the key points of the application of financial leasing in various types of international engineering projects, aiming to promote its important role in supporting the financing for overseas projects and reducing the financial burden on enterprises. For more details, please refer to page 31-34 of Issue 6 of Overseas Investment & Export Credits,2025.
　　

Practice, Challenges, and Countermeasures of Third-Party Market Cooperation Under the Belt and Road Initiative—Based on an Analysis of 21 Typical Cases

DAI Tenghui

As a new model of international economic cooperation, third-party market cooperation is built on theoretical foundations, including the theory of comparative advantage, factor endowment theory, and the vision of a community with a shared future for mankind. It is also driven by practical considerations: the need to share development experiences, jointly explore development opportunities, and co-participate in global governance. Third-party market cooperation has developed into five typical models, namely, collaboration in engineering and supply chains, investment and financing-driven partnerships, equity-based cooperation or strategic alliances, integration of technology and standards, and multilateral coordination, offering meaningful insights for strengthening future collaboration. However, third-party market cooperation still confronts challenges such as geopolitical risks, structural imbalances in cooperation, and inadequate project implementation capabilities. Recommendations encompass strengthening strategic dialogue, deepening risk assessment, broadening and intensifying the scope and depth of cooperation, optimizing investment and financing mechanisms, and enhancing project management and operational capabilities. For more details, please refer to page 35-41 of Issue 6 of Overseas Investment & Export Credits,2025.

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Principles, Methods, and Implications of Integrity Due Diligence—Experience from Multilateral Development Banks

ZHANG Huawei

The integrity due diligence system of multilateral development banks is institutionally grounded in the Uniform Framework for Preventing and Combating Fraud and Corruption, representing a conceptual shift from "compliance" to "integrity." It establishes a management process encompassing risk identification, risk mitigation, and risk monitoring. In practice, the emergence of typical risk indicators, such as country-specific and sector-specific risks, beneficial ownership structures, corporate governance conditions, associations with black lists, and negative information, often signals potential integrity gaps and compliance risks. The experiences of multilateral development banks offer valuable insights for China to further enhance its cross-border compliance governance capabilities. Chinese enterprises can facilitate a transition from "passive compliance" to "proactive integrity." Financial institutions can integrate integrity due diligence with financial, legal, and other due diligence processes. Government agencies can strengthen international cooperation while improving guidance and support for enterprises' overseas compliance operations. For more details, please refer to page 42-46 of Issue 6 of Overseas Investment & Export Credits,2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.
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