BEIJING — Chinese overseas loans went sour at a far worse rate in recent years as the COVID-19 pandemic and inflation took a toll on emerging economies involved in Beijing’s Belt and Road infrastructure initiative.
A total of $76.8 billion in debt was renegotiated — in some cases forgiven — from 2020 to 2022, data from the Rhodium Group shows. This figure is more than four times the $17 billion in problem debt for the preceding three years.