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.

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.

China State reported CNY899.45B in Debt for its fiscal quarter ending in September of 2024. Data for China State | 601668 - Debt including historical, tables and charts were last updated by Trading Economics this last March in 2025.

Hong Kong Number of Listed Securities: Debt: State data was reported at 109.000 Unit in 2017. This records a decrease from the previous number of 111.000 Unit for 2016. Hong Kong Number of Listed Securities: Debt: State data is updated yearly, averaging 89.000 Unit from Dec 1995 (Median) to 2017, with 23 observations. The data reached an all-time high of 111.000 Unit in 2016 and a record low of 46.000 Unit in 1995. Hong Kong Number of Listed Securities: Debt: State data remains active status in CEIC and is reported by Hong Kong Exchanges and Clearing Limited. The data is categorized under Global Database’s Hong Kong – Table HK.Z008: Main Board: Stock Statistics.

This graph shows the state debt per capita in the United States for the 2013 fiscal year. In 2013, the state of Alabama had a total per capita debt of 14,173 U.S. dollars. Average state debt per capita amounted to 16,178 U.S. dollars.

The national debt of the United Stated can be found here. State debt National debts, also known as public debt and government debt, are the amount of money borrowed by states to cover their budget deficits. Nearly all governments use the debt method to finance operations and projects. Government debt can be seen as an indirect debt on taxpayers.

The public debt of the United States has been rising steadily for the last decades from 3,233.31 billion U.S. dollars in 1990 to 17,156.12 billion U.S dollars in 2013.

Although the United States’ debt is significantly high, the country with the highest public debt in 2014, in relation to the gross domestic product (GDP), was Japan. Japan had an estimated debt of about 246.16 percent in relation to the gross domestic product, according to IMF data. Nigeria was among the countries with the lowest national debt in 2014 in relation to the gross domestic product (GDP), with an estimated level of national debt reached about 15.91 percent of the GDP.

Much of the U.S. public debt is held by foreign investors, debt holders like nations or institutions which lent money to the United States. About 47 percent of the U.S. public debt is hold by foreign investors, while the Federal Reserve Bank holds 10 percent of the U.S public debt. As of August 2014, China and Japan are the major foreign holders of U.S. treasury debt. According to the Federal Reserve and U.S. Department of the Treasury, China held 1,270.9 billion U.S. dollars, while Japan held 1,220.1 billion U.S. dollars.

Shandong: Qingdao: Government Funds Expenditure: Debt Interest Payment: Local Government Special Debt Interest Payment: State Land Income Fund Debt Interest Payment data was reported at 13.250 RMB mn in 2016. Shandong: Qingdao: Government Funds Expenditure: Debt Interest Payment: Local Government Special Debt Interest Payment: State Land Income Fund Debt Interest Payment data is updated yearly, averaging 13.250 RMB mn from Dec 2016 (Median) to 2016, with 1 observations. The data reached an all-time high of 13.250 RMB mn in 2016 and a record low of 13.250 RMB mn in 2016. Shandong: Qingdao: Government Funds Expenditure: Debt Interest Payment: Local Government Special Debt Interest Payment: State Land Income Fund Debt Interest Payment data remains active status in CEIC and is reported by Qingdao Municipal Finance Bureau. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FC: Government Funds Revenue & Expenditure: Shandong.

China Foreign Debt: Debt Service Ratio data was reported at 10.500 % in 2022. This records an increase from the previous number of 5.900 % for 2021. China Foreign Debt: Debt Service Ratio data is updated yearly, averaging 6.500 % from Dec 1985 (Median) to 2022, with 38 observations. The data reached an all-time high of 15.400 % in 1986 and a record low of 1.600 % in 2013. China Foreign Debt: Debt Service Ratio data remains active status in CEIC and is reported by State Administration of Foreign Exchange. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Foreign Debt.

Jilin: Changchun: Government Funds Expenditure: Debt Interest Payment: Local Government Special Debt Interest Payment: Transfer of Use Rights of State Land Debt Interest Payment data was reported at 1,679.860 RMB mn in 2022. This records an increase from the previous number of 1,568.540 RMB mn for 2018. Jilin: Changchun: Government Funds Expenditure: Debt Interest Payment: Local Government Special Debt Interest Payment: Transfer of Use Rights of State Land Debt Interest Payment data is updated yearly, averaging 1,253.620 RMB mn from Dec 2016 (Median) to 2022, with 4 observations. The data reached an all-time high of 1,679.860 RMB mn in 2022 and a record low of 563.360 RMB mn in 2016. Jilin: Changchun: Government Funds Expenditure: Debt Interest Payment: Local Government Special Debt Interest Payment: Transfer of Use Rights of State Land Debt Interest Payment data remains active status in CEIC and is reported by Changchun Municipal Finance Bureau. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FC: Government Funds Revenue & Expenditure: Jilin.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Debt statistics provide a detailed picture of debt stocks and flows of developing countries. Data presented as part of the Quarterly External Debt Statistics takes a closer look at the external debt of high-income countries and emerging markets to enable a more complete understanding of global financial flows. The Quarterly Public Sector Debt database provides further data on public sector valuation methods, debt instruments, and clearly defined tiers of debt for central, state and local government, as well as extra-budgetary agencies and funds. Data are gathered from national statistical organizations and central banks as well as by various major multilateral institutions and World Bank staff.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Debt statistics provide a detailed picture of debt stocks and flows of developing countries. Data presented as part of the Quarterly External Debt Statistics takes a closer look at the external debt of high-income countries and emerging markets to enable a more complete understanding of global financial flows. The Quarterly Public Sector Debt database provides further data on public sector valuation methods, debt instruments, and clearly defined tiers of debt for central, state and local government, as well as extra-budgetary agencies and funds. Data are gathered from national statistical organizations and central banks as well as by various major multilateral institutions and World Bank staff.

As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

China Foreign Debt: Government data was reported at 434.516 USD bn in 2023. This records a decrease from the previous number of 436.275 USD bn for 2022. China Foreign Debt: Government data is updated yearly, averaging 251.617 USD bn from Dec 2014 (Median) to 2023, with 10 observations. The data reached an all-time high of 496.985 USD bn in 2021 and a record low of 111.351 USD bn in 2015. China Foreign Debt: Government data remains active status in CEIC and is reported by State Administration of Foreign Exchange. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Foreign Debt.

Hong Kong Turnover: Value: Debt Securities: State Corporation data was reported at 34,805.090 HKD mn in 2017. This records an increase from the previous number of 7,402.910 HKD mn for 2016. Hong Kong Turnover: Value: Debt Securities: State Corporation data is updated yearly, averaging 3.970 HKD mn from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 34,805.090 HKD mn in 2017 and a record low of 0.000 HKD mn in 2015. Hong Kong Turnover: Value: Debt Securities: State Corporation data remains active status in CEIC and is reported by Hong Kong Exchanges and Clearing Limited. The data is categorized under Global Database’s Hong Kong SAR – Table HK.Z008: Main Board: Stock Statistics.

China Foreign Debt: Total data was reported at 1,965.214 USD bn in 2018. This records an increase from the previous number of 1,757.958 USD bn for 2017. China Foreign Debt: Total data is updated yearly, averaging 202.965 USD bn from Dec 1985 (Median) to 2018, with 34 observations. The data reached an all-time high of 1,965.214 USD bn in 2018 and a record low of 15.828 USD bn in 1985. China Foreign Debt: Total data remains active status in CEIC and is reported by State Administration of Foreign Exchange. The data is categorized under Global Database’s China – Table CN.FA: Foreign Debt. From 2015 onwards, according to the IMF's SDDS to adjust the external debt statistics and published it in the full-caliber foreign debt data, full-caliber foreign debt data has been traced back to 2014. 自2015年起，改按国际货币基金组织数据公布特殊标准调整外债统计口径并公布全口径外债数据，全口径外债数据追溯至2014年。

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.

Worldwide, the United States has, by far, the highest public debt, more than twice as high as China in second. Japan followed in third.

The statistic shows the 20 countries with the lowest national debt in 2023 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2023, Russia's estimated level of national debt reached about 19.66 percent of the GDP, ranking 17th of the countries with the lowest national debt. National debt and GDP The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it. Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.

China Foreign Debt: Government data was reported at 232.268 USD bn in Dec 2018. This records an increase from the previous number of 229.274 USD bn for Sep 2018. China Foreign Debt: Government data is updated quarterly, averaging 122.625 USD bn from Dec 2014 (Median) to Dec 2018, with 17 observations. The data reached an all-time high of 232.268 USD bn in Dec 2018 and a record low of 104.769 USD bn in Sep 2015. China Foreign Debt: Government data remains active status in CEIC and is reported by State Administration of Foreign Exchange. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Foreign Debt: Quarterly.

The statistic shows Japan's national debt from 2019 to 2022 in relation to gross domestic product (GDP), with projections up until 2029. In 2022, the national debt of Japan amounted to about 256.3 percent of the gross domestic product. An eye on Japan’s national debt Japan’s national debt ranks first among countries with the highest debt levels in the world, far surpassing the debt levels of Greece - which ranks number two - whose financial crisis has been in the spotlight recently. Italy is third, followed by Jamaica, Lebanon and Enritrea. Currently, Japan’s national debt amounts more than a thousand trillion yen and the country’s debt is predicted to keep rising for the foreseeable future, albeit only slightly. Japan’s national debt is not without consequence for the global economy, because the country claims the fourth-largest share in global gross domestic product. Therefore, the effects on the global economy would and could have a much greater global impact than that of a country such as Greece - considering its share of the global economy adjusted for purchase power parity was less than 0.29 percent in 2011. The debt levels of China, the United States and India should also be watched closely as they together make up the largest share of global GDP. At the moment, Japan’s inflation rate is among the lowest in the world, but as Japan attempts to reduce its national debt, this could change.

The statistic shows the national debt of Japan from 2019 to 2021, with projections up until 2029. The amount of Japan's national debt in 2022 amounted to about 9.16 trillion U.S. dollar. In a ranking of debt to GDP per country, Japan is thus currently ranked first.

Japan's economic power

With one of the largest gross domestic products (GDP), Japan is among the largest economies in the world. However, ever since the global financial crisis, Japan's GDP - like many others - has been slightly unstable; Japan even reported a negative GDP growth in comparison to the previous year in 2011 and in 2014. Still, it is estimated that gross domestic product in Japan will continue to thrive over the next decade. One indicator is Japan's inflation rate: Despite the aforementioned economic slumps, Japan has managed to maintain one of the lowest inflation rates in the world, and it also reduced its unemployment rate. Between 2010 and 2013, the unemployment rate in Japan decreased by approximately one percent, and it is expected to drop even lower over the next years.

Recently, Japan has been reporting a trade deficit, meaning the value of its imports exceeds the value of its exports. Most of these imports have come from China and the United States. The trade deficit is one of the causes for in an increase of the national debt. It is estimated that the national debt in relation to the GDP will increase further until 2020.