How China Lends 2.0: Introducing an extended dataset of 371 debt contracts

In this brief research note, we introduce the 2.0 version of the How China Lends (HCL 2.0) dataset. Our new and expanded dataset comprises 371 debt contracts between 20 Chinese state-owned creditors and 155 borrowers in 60 countries signed between 1990 and 2025. All of these contracts can be accessed through an online repository at http://china-contracts.aiddata.org. We use the updated data to revisit key findings from our 2021 study and confirm that they continue to hold in the larger sample. In particular, we confirm the extensive use of collateralization, borrower confidentiality clauses, and “No Paris Club” clauses.