Asian Development Bank to hike lending rates for China

Beijing's financial clout in Asia and Africa spurs calls for higher contributions

A sales assistant displays a 1000 gram gold bar as an investment for a customer at Caibai Jewelry store in Beijing. China's per-capita income exceeds that of less-well-off nations receiving aid from the Asian Development Bank. © Reuters

JUN ENDO, Nikkei staff writer

November 20, 2019 03:19 JST

MANILA -- The Asian Development Bank will raise financing rates for China under plans announced Tuesday, seeking contributions commensurate with its rising income level.

Starting January 2021, China will be designated an "upper-middle income country" and pay an additional maturity premium of 20 to 30 basis points. The only other countries in this category are Kazakhstan and Malaysia, which currently does not borrow from the ADB.