The graph shows national debt in China related to gross domestic product until 2023, with forecasts to 2029. In 2023, gross national debt ranged at around 84 percent of the national gross domestic product.

The debt-to-GDP ratio

In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2023, the estimated national debt of Japan amounted to about 255 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate.

Development in China

China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.

Key information about China Government Debt: % of GDP

• China Government debt accounted for 25.6 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 25.1 % in the previous quarter.
• China government debt to GDP ratio data is updated quarterly, available from Mar 2014 to Dec 2024.
• The data reached an all-time high of 25.6 % in Dec 2024 and a record low of 14.0 % in Mar 2014.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Ministry of Finance provides Government Debt in local currency. The National Bureau of Statistics provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about China Government Debt: % of GDP

• In the latest reports, China National Government Debt reached 4,230.0 USD bn in Dec 2023.
• The country's Nominal GDP reached 4,166.8 USD bn in Mar 2023.

In 2023, total debt of nonfinancial sectors in China have grown to around 285 percent of the domestic gross domestic product (GDP). Over the last two decades, China's total debt increased by one of the fastest paces among major economies in the world.

Households Debt in China decreased to 60.10 percent of GDP in the third quarter of 2024 from 60.40 percent of GDP in the second quarter of 2024. This dataset provides - China Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

This statistic shows the national debt of important industrial and emerging countries in 2023 in relation to the gross domestic product (GDP). In 2023, the national debt of China was at about 83.64 percent of the gross domestic product.

Key information about China Household Debt: % of GDP

• China household debt accounted for 63.3 % of the country's Nominal GDP in Mar 2023, compared with the ratio of 61.9 % in the previous quarter.
• China household debt to GDP ratio is updated quarterly, available from Mar 2007 to Mar 2023.
• The data reached an all-time high of 63.3 % in Mar 2023 and a record low of 17.9 % in Dec 2008.

CEIC calculates quarterly Household Debt as % of Nominal GDP from monthly Household Debt and quarterly Nominal GDP. The People's Bank of China provides Household Debt in local currency. The National Bureau of Statistics provides year-to-date Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics.


Related information about China Household Debt: % of GDP

• In the latest reports, China Household Debt reached 10,834.1 USD bn in Jun 2023.
• Money Supply M2 in China increased 11.6 % YoY in May 2023.
• China Foreign Exchange Reserves was measured at 3,193.0 USD bn in Jun 2023.
• The Foreign Exchange Reserves equaled 14.9 Months of Import in Jun 2023.
• China Domestic Credit reached 43,669.0 USD bn in Jun 2023, representing an increased of 10.8 % YoY.
• The country's Non Performing Loans Ratio stood at 1.6 % in Mar 2023, compared with the ratio of 1.6 % in the previous quarter.

Graph and download economic data for Outstanding Domestic Public Debt Securities to GDP for China (DDDM04CNA156NWDB) from 2000 to 2020 about public, China, debt, securities, domestic, and GDP.

As of the first quarter 2019, the ratio of debt owed by the government to GDP in China was at 51 percent, an increase from 47.4 percent compared to the the same period of the previous year. In economics, the ratio between a country’s government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio.

Key information about Hong Kong SAR (China) Government Debt: % of GDP

• Hong Kong SAR (China) Government debt accounted for 49.1 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 50.2 % in the previous year.
• Hong Kong SAR (China) government debt to GDP ratio data is updated yearly, available from Mar 2003 to Mar 2024.
• The data reached an all-time high of 50.2 % in Mar 2023 and a record low of 27.3 % in Mar 2003.

CEIC calculates Government Debt as % of Nominal GDP from annual Government Debt and quarterly Nominal GDP. The Treasury provides Government Debt in local currency. Census and Statistics Department provides Nominal GDP in local currency. Government Debt covers Provision for pensions, Bonds and Notes issued and Other Liabilities. Government Debt as % of Nominal GDP is in annual frequency, ending in March of each year.


Related information about Hong Kong SAR (China) Government Debt: % of GDP

• In the latest reports, Hong Kong SAR (China) National Government Debt reached 190.1 USD bn in Mar 2024.
• The country's Nominal GDP reached 91.4 USD bn in Mar 2023.

In 2023, the total debt of nonfinancial sectors in China have grown to around 284.7 percent of the domestic gross domestic product (GDP). Private households had accumulated a total debt of 62.1 percent of the GDP that year.

Key information about Macau SAR (China) Household Debt: % of GDP

• Macau SAR (China) household debt accounted for 80.5 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 82.8 % in the previous quarter.
• Macau SAR (China) household debt to GDP ratio is updated quarterly, available from Dec 2001 to Sep 2024.
• The data reached an all-time high of 166.4 % in Dec 2022 and a record low of 17.0 % in Dec 2006.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. The Monetary Authority of Macao provides Household Debt in local currency. Statistics and Census Service provides Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics.


Related information about Macau SAR (China) Household Debt: % of GDP

• In the latest reports, Macau SAR (China) Household Debt reached 42.0 USD bn in Mar 2023.
• Money Supply M2 in Macau SAR (China) increased 8.0 % YoY in Dec 2024.
• Macau SAR (China) Foreign Exchange Reserves was measured at 29.4 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 21.1 Months of Import in Dec 2024.
• Macau SAR (China) Domestic Credit reached 31.7 USD bn in Nov 2024, representing an drop of 11.1 % YoY.
• The country's Non Performing Loans Ratio stood at 5.5 % in Nov 2024, compared with the ratio of 5.4 % in the previous month.

Total external debt is debt owed to nonresidents repayable in currency, goods, or services. Total external debt is the sum of public, publicly guaranteed, and private nonguaranteed long-term debt, use of IMF credit, and short-term debt. Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. Data are in current U.S. dollars.

As of July 2019, the ratio of debt owed by non-financial corporates in local currency to GDP in China was at 148.4 percent. In economics, the ratio between a country’s government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio.

Graph and download economic data for General government gross debt for China (GGGDTACNA188N) from 1995 to 2023 about China, gross, debt, and government.

In 2024, the gross government debt of China amounted to an estimated 89 percent of the country's gross domestic product (GDP), compared to 21 percent for Russia. For China, this was an increase over 2001 levels, when the gross government debt amounted to 25 percent of the country's GDP. Russia, on the other hand, has reduced this figure from 2001 levels, when gross government debt was 44 percent of the country's GDP.

Key information about China Consolidated Fiscal Balance: % of GDP

• China Consolidated Fiscal Balance recorded a deficit equal to 4.8 % of its Nominal GDP in Dec 2024, compared with a deficit equal to 4.9 % in the previous quarter
• China Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 1995 to Dec 2024, with an average ratio of -2.0 %
• The data reached an all-time high of 1.4 % in Jun 2008 and a record low of -6.1 % in Dec 2020

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Ministry of Finance provides year-to-date Consolidated Fiscal Balance in local currency. The National Bureau of Statistics provides year-to-date Nominal GDP in local currency. Consolidated Fiscal Balance as % of Nominal GDP prior to Q4 2007 is calculated from non year-to-date Consolidated Fiscal Balance.


Further information about China Consolidated Fiscal Balance: % of GDP

• In the latest reports, China National Government Debt reached 4,230.0 USD bn in Dec 2023
• China Nominal GDP reached 4,166.8 USD bn in Mar 2023

This dataset provides values for PRIVATE DEBT TO GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Key information about China Household Debt

• China Household Debt reached 11,498.4 USD bn in Jan 2025, compared with the reported number of 11,347.6 USD bn in the previous month
• China Household Debt: USD mn data is updated monthly, available from Jan 2007 to Jan 2025
• The data reached an all-time high of 11,691.0 USD bn in Sep 2024 and a record low of 517.7 USD bn in Jan 2007

CEIC converts monthly Household Debt into USD. The People's Bank of China provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics.


Further information about China Household Debt

• In the latest reports, China Household Debt accounted for 63.3 % of the country's Nominal GDP in Mar 2023
• Money Supply M2 in China increased 44,045.8 USD bn YoY in Sep 2024
• China Foreign Exchange Reserves was measured at 3,209.0 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 13.9 Months of Import in Dec 2024
• China Domestic Credit reached 49,338.1 USD bn in Jan 2025, representing an increased of 7.9 % YoY

Key information about Hong Kong SAR (China) Household Debt: % of GDP

• Hong Kong SAR (China) household debt accounted for 87.8 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 88.8 % in the previous quarter.
• Hong Kong SAR (China) household debt to GDP ratio is updated quarterly, available from Mar 1982 to Dec 2024.
• The data reached an all-time high of 96.2 % in Mar 2023 and a record low of 14.6 % in Jun 1982.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Hong Kong Monetary Authority provides Household Debt in local currency. Census and Statistics Department provides Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics. Household Debt includes Mortgages and Consumer Loans. Household Debt prior to Q4 2018 excludes Working Capital Loans.


Related information about Hong Kong SAR (China) Household Debt: % of GDP

• In the latest reports, Hong Kong SAR (China) Household Debt reached 359.2 USD bn in Dec 2024.
• Money Supply M2 in Hong Kong SAR (China) increased 7.3 % YoY in Dec 2024.
• Hong Kong SAR (China) Foreign Exchange Reserves was measured at 421.3 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 9.3 Months of Import in May 2023.
• Hong Kong SAR (China) Domestic Credit reached 1,011.8 USD bn in Oct 2024, representing an drop of 0.2 % YoY.
• The country's Non Performing Loans Ratio stood at 2.2 % in Sep 2024, compared with the ratio of 2.1 % in the previous quarter.

The national debt in China was forecast to continuously increase between 2024 and 2029 by in total 10.6 trillion U.S. dollars (+63.47 percent). After the tenth consecutive increasing year, the national debt is estimated to reach 27.2 trillion U.S. dollars and therefore a new peak in 2029. Notably, the national debt was continuously increasing over the past years.The indicator describes the general government gross debt which consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future.Find more key insights for the national debt in countries like Taiwan, Japan, and South Korea.