China has shifted from being a major financier of African economies to a net debt collector, marking a dramatic swing of over $52 billion in financial flows over the past decade.
This is according to new research by ONE Data for the Development Finance Observatory, published on Tuesday.
The report reveals that China has moved away from large-scale lending to African governments, with debt repayments now exceeding new funding across much of the continent. This signals a sharp reversal in China–Africa financial relations and highlights growing debt pressures facing African economies.
According to the findings, China transitioned from providing substantial net funding to Africa to receiving more in repayments than it lends, reflecting a structural shift in its development finance strategy.
“Africa went from receiving $30.4 billion in net flows from China in 2010–14 to paying out $22.1 billion in net flows to China over the last five years — a $52.5 billion swing,” the report stated.
The data further shows that Chinese inflows to low- and lower-middle income countries collapsed from $26.5 billion in 2018 to $5.1 billion in 2024, while debt service payments rose from $10.6 billion to $17.4 billion over the same period.
Between 2020 and 2024, about 20 African countries recorded net outflows to China, with total repayments amounting to $33.8 billion.
The report concludes that while Chinese financing has declined sharply, debt servicing obligations continue to rise, placing increasing strain on public finances across several African nations.
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