China has not resolved its past lending mistakes. But it is learning from them

China emerged as a big overseas lender with astonishing speed. In the early 2000s it lent paltry amounts to poor countries. Today it is a larger creditor than either the imf or the World Bank. This largesse was a boon for poorer places seeking to finance infrastructure projects. But as borrowers have hit trouble, it has become a complication. China is not a member of the Paris Club, an informal group of mostly rich-country creditors, and has been slow to work with other lenders to relieve the debts of governments that cannot now repay them. Zambia and Sri Lanka are mired in debt-restructuring talks with Chinese and other creditors. They may soon be joined by Pakistan.