Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn The coast of La Digue, one of Seychelles’ largest islands. Seychelles greatly expanded its marine protected areas in exchange for millions in debt relief.Credit: Jean-Marie Hullot, Creative Commons After rising to become the world’s top bilateral creditor, China is facing a new challenge: a looming global debt crisis. Many of China’s most frequent borrowers now find themselves unable to repay their debts. China has already shown itself as a willing partner in debt renegotiations. It has joined the G-20 Debt Service Suspension Initiative (DSSI) to ease this burden among 73 lower-income borrowers by allowing them to temporarily suspend their debt payments to participating bilateral lenders. The initiative is currently set to expire in June. In fact, the DSSI-eligible countries facing the heaviest debt service are all repeat customers of China’s lending. Pakistan — the DSSI-eligible country with the greatest debt service burden — owes China $2.9 billion in debt service in 2021. Kenya and Angola — in second and third place — owe China $2.3 billion and $849 million in 2021, respectively. Laos owes China $442 million in 2021, a whopping 2 percent of its GDP.&Subscribe or register to read the rest. Registered users can access a limited amount of content for free.Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.