债务置换发展（Debt-for-Development Swaps，DDS）机制通过债务国和债权人（双边或商业债权人）之间的协议，将债务国的公共和公共担保外债转化为专门用于支持债务国优先发展领域的长期资金安排，如可再生能源、教育、卫生等领域。通过把偿债负担转化为国内投资，DDS既减轻了债务国的财政压力，也为其实现联合国可持续发展目标（SDGs）提供长期、稳定的资金来源。

中国作为新兴债权国之一，参与债务置换发展（DDS）有助于降低债务国违约风险、减少债务国主权债务违约造成的损失，并与“一带一路”倡议等对外合作机制、联合国可持续发展目标和债务国绿色转型议程相融合，展示中国的负责任大国形象。

在此背景下，中央财经大学绿色金融国际研究院（IIGF）开发了DDS合作伙伴评分指数（DDS-PSI），用于衡量债务国与中国实施DDS的适宜性。该评分指数包括债务国的债务脆弱性、发展潜力、政治可行性，以及与中国的双边关系4个一级变量和26个二级变量，为中国筛选DDS伙伴债务国提供有价值的参考。

Debt-for-Development Swaps (DDS) are agreements between a debtor country and its creditor(s) (bilateral or commercial) to replace its public and publicly guaranteed external debt with liabilities that entail spending commitments over time towards a specific development goal, such as renewable energy, education and healthcare. By converting external debt repayments into domestic investment, DDS provides long-term, stable financing to support the achievement of the United Nations Sustainable Development Goals (SDGs).

As an emerging major bilateral creditor, China’s engagement in DDS can help curb default risks, reduce potential losses stemming from sovereign debt distress, and aligns the objectives of the Belt and Road Initiative, the SDGs, and the green-transition agendas of partner countries – to enhance China’s leadership role in global development finance.

In this context, the International Institute of Green Finance (IIGF) of the Central University of Finance and Economics (CUFE) has developed the DDS Partner Scoring Index (DDS-PSI) to evaluate the suitability of debtor countries for DDS cooperation with China. The index is consisted of four first-level criteria – debt vulnerability, development potential, political feasibility, and bilateral relations with China – measured across 26 secondary indicators.  The index is expected to provide a rigorous analytical foundation for identifying China’s potential DDS partner countries.

债务置换发展(DDS)项目中债务国的识别和筛选 债务置换发展（DDS）项目中债务国的识别与筛选-IIGF.pdf

Identifying Potential Debt-for-Development Swaps (DDS) Partners to China Identifying Potential DDS Partners to China-IIGF.pdf