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

China recorded a Government Budget deficit equal to 5.80 percent of the country's Gross Domestic Product in 2023. This dataset provides - China Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the budget balance in relation to the gross domestic product (GDP) in China stood at approximately -7.34 percent. Between 1982 and 2024, the figure dropped by around 7.56 percentage points, though the decline followed an uneven course rather than a steady trajectory. The budget balance is forecast to decline by about 0.77 percentage points from 2024 to 2030, fluctuating as it trends downward.The indicator describes the general government net lending / borrowing, which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expenses and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

China Government Surplus or Deficit: Year to Date data was reported at -1,262.600 RMB bn in Mar 2025. This records a decrease from the previous number of -124.000 RMB bn for Feb 2025. China Government Surplus or Deficit: Year to Date data is updated monthly, averaging 268.625 RMB bn from Jan 2007 (Median) to Mar 2025, with 212 observations. The data reached an all-time high of 1,535.486 RMB bn in Jul 2011 and a record low of -6,491.000 RMB bn in Dec 2024. China Government Surplus or Deficit: Year to Date data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Revenue and Expenditure: Monthly.

This graph shows the government budget balance as a share of GDP in China in selected years from 2000 to 2022. In 2022, China's government deficit had taken up about 4.7 percent of the national GDP.

Key information about Hong Kong SAR (China) Consolidated Fiscal Balance: % of GDP

• Hong Kong SAR (China) Consolidated Fiscal Balance recorded a deficit equal to 4.3 % of its Nominal GDP in Dec 2024, compared with a deficit equal to 6.1 % in the previous quarter
• Hong Kong SAR (China) Consolidated Fiscal Balance to GDP data is updated quarterly, available from Sep 1999 to Dec 2024, with an average ratio of 1.1 %
• The data reached an all-time high of 8.4 % in Dec 2007 and a record low of -9.2 % in Mar 2021

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Treasury provides Consolidated Fiscal Balance in local currency. Census and Statistics Department provides Nominal GDP in local currency.


Further information about Hong Kong SAR (China) Consolidated Fiscal Balance: % of GDP

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

China recorded a Government Debt to GDP of 88.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - China Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China Deficit: Target: Central data was reported at 4,860,000.000 RMB mn in 2025. This records an increase from the previous number of 3,340,000.000 RMB mn for 2024. China Deficit: Target: Central data is updated yearly, averaging 1,475,000.000 RMB mn from Dec 2008 (Median) to 2025, with 18 observations. The data reached an all-time high of 4,860,000.000 RMB mn in 2025 and a record low of 160,800.000 RMB mn in 2008. China Deficit: Target: Central data remains active status in CEIC and is reported by The Central People's Government. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Finance: Target.

China recorded a government budget surplus of 5642 CNY Hundred Million in May of 2025. This dataset provides - China Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China Deficit: Target: Local data was reported at 800,000.000 RMB mn in 2025. This records an increase from the previous number of 720,000.000 RMB mn for 2024. China Deficit: Target: Local data is updated yearly, averaging 800,000.000 RMB mn from Dec 2015 (Median) to 2025, with 11 observations. The data reached an all-time high of 980,000.000 RMB mn in 2020 and a record low of 500,000.000 RMB mn in 2015. China Deficit: Target: Local data remains active status in CEIC and is reported by The Central People's Government. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Finance: Target.

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.

Government Spending in China increased to 224396.60 CNY Hundred Million in 2024 from 222474.20 CNY Hundred Million in 2023. This dataset provides - China Government Spending - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China Government Debt Issuance: Domestic: Subsidy for Central Budgetary Deficit data was reported at 259,687.000 RMB mn in 2000. This records an increase from the previous number of 179,160.000 RMB mn for 1999. China Government Debt Issuance: Domestic: Subsidy for Central Budgetary Deficit data is updated yearly, averaging 219,423.500 RMB mn from Dec 1999 (Median) to 2000, with 2 observations. The data reached an all-time high of 259,687.000 RMB mn in 2000 and a record low of 179,160.000 RMB mn in 1999. China Government Debt Issuance: Domestic: Subsidy for Central Budgetary Deficit data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Debt: Central Government.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 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 2024, the estimated national debt of Japan amounted to about 250 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.

The national debt of China was approximately 16.65 trillion U.S. dollars in 2024. Following a continuous upward trend, the national debt has risen by around 16.46 trillion U.S. dollars since 1995. Between 2024 and 2030, the national debt will rise by around 13 trillion U.S. dollars, continuing its consistent upward trajectory.

China Government Surplus or Deficit: Local Level data was reported at -1,274.400 RMB bn in Mar 2025. This records an increase from the previous number of -2,520.100 RMB bn for Dec 2024. China Government Surplus or Deficit: Local Level data is updated monthly, averaging -541.650 RMB bn from Mar 2009 (Median) to Mar 2025, with 168 observations. The data reached an all-time high of 230.664 RMB bn in Jan 2015 and a record low of -2,520.100 RMB bn in Dec 2024. China Government Surplus or Deficit: Local Level data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Revenue and Expenditure: Monthly.

China Government Surplus or Deficit: Central Level data was reported at 135.800 RMB bn in Mar 2025. This records a decrease from the previous number of 633.400 RMB bn for Dec 2024. China Government Surplus or Deficit: Central Level data is updated monthly, averaging 330.150 RMB bn from Mar 2009 (Median) to Mar 2025, with 168 observations. The data reached an all-time high of 732.300 RMB bn in Jul 2021 and a record low of -148.200 RMB bn in Dec 2019. China Government Surplus or Deficit: Central Level data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Revenue and Expenditure: Monthly.

Key information about China Consolidated Fiscal Balance

• China Consolidated Fiscal Balance recorded a deficit equal to 259.137 USD bn in Dec 2024, compared with a deficit equal to 132.648 USD bn in the previous month.
• China Consolidated Fiscal Balance data is updated monthly, available from Jan 1995 to Dec 2024, with an average ratio of -316.435 USD mn.
• The data reached an all-time high of 166.480 USD bn in Jan 2018 and a record low of -373.253 USD bn in Dec 2020.

CEIC converts monthly Consolidated Fiscal Balance into USD. The Ministry of Finance provides year-to-date Consolidated Fiscal Balance in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. Consolidated Fiscal Balance prior to January 2007 is calculated from non year-to-date data.

China Government Surplus or Deficit: Central data was reported at -3,340,000.000 RMB mn in 2024. This records an increase from the previous number of -4,160,000.000 RMB mn for 2023. China Government Surplus or Deficit: Central data is updated yearly, averaging -1,400,000.000 RMB mn from Dec 2008 (Median) to 2024, with 17 observations. The data reached an all-time high of -160,800.000 RMB mn in 2008 and a record low of -4,160,000.000 RMB mn in 2023. China Government Surplus or Deficit: Central data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Revenue and Expenditure: Central Government.

China Government Surplus or Deficit: Year to Date: Local Level data was reported at -2,824.100 RMB bn in Mar 2025. This records a decrease from the previous number of -1,549.700 RMB bn for Feb 2025. China Government Surplus or Deficit: Year to Date: Local Level data is updated monthly, averaging -2,678.000 RMB bn from Sep 2008 (Median) to Mar 2025, with 183 observations. The data reached an all-time high of 230.664 RMB bn in Jan 2015 and a record low of -12,462.600 RMB bn in Dec 2024. China Government Surplus or Deficit: Year to Date: Local Level data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Revenue and Expenditure: Monthly.