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.

Holdings of US Treasury Securities data was reported at 760.802 USD bn in Jan 2025. This records an increase from the previous number of 759.016 USD bn for Dec 2024. Holdings of US Treasury Securities data is updated monthly, averaging 938.300 USD bn from Mar 2000 (Median) to Jan 2025, with 299 observations. The data reached an all-time high of 1,316.700 USD bn in Nov 2013 and a record low of 58.900 USD bn in Nov 2000. Holdings of US Treasury Securities data remains active status in CEIC and is reported by U.S. Department of the Treasury. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FF: Holdings of US Treasury Securities.

The value of U.S. Treasury securities held by residents of Russia amounted to 46 million U.S. dollars in April 2024, marking a stark contrast to the 10.51 billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at 28 million U.S. dollars. Furthermore, in March 2020, the figure plummeted to 3.85 billion U.S. dollars, down from 12.6 billion U.S. dollars one month prior. Russia’s holdings of U.S. treasury securities have decreased since 2014 following the Western sanctions over the annexation of Crimea and have further dropped in 2022 after more restrictions were imposed over the war in Ukraine. What are U.S. treasury holdings? U.S. treasury holdings are government debt instruments that contribute to the funding of various government projects in the country. The U.S. Department of Treasury allows individuals and organizations to invest in treasury notes, bills, and bonds, which are the main three types of securities. Just under half of the outstanding 27 trillion U.S. dollars as of May 2024 were in the form of treasury notes. The notes have varying maturities and coupon payment frequencies, which are different from the maturity periods of treasury bills and bonds. Main foreign holders of U.S. treasury securities Foreign holdings of U.S. treasury debt amounted to eight trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing 797.7 billion U.S. dollars in U.S. securities. Additionally, other significant foreign holders included oil exporting countries and Caribbean banking centers.

Graph and download economic data for Federal Debt Held by Foreign and International Investors (FDHBFIN) from Q1 1970 to Q4 2024 about foreign, debt, federal, and USA.

In August 2024, the average yield on ten-year government bonds in the United States was equal to 3.87 percent. This was the highest of the selected developed economies considered in this statistic. The countries with the lowest yield were Germany and Japan, with 2.24 and 0.88 percent respectively. Bonds and yields – additional information The bond yield indicates the level of return that the investor can expect from a given type of bond. The government of Italy, for instance, offered the investors 3.63 percent yield on ten-year government bonds for borrowing their money in August 2024. In the United States, government needs are also financed by selling various debt instruments such as Treasury bills, notes, bonds and savings bonds to investors. The largest holders of U.S. debt are Federal Reserve and Government accounts in the United States. The major foreign holders of the United States treasury securities are Japan, Mainland China, and the United Kingdom.

China 10Y Bond Yield was 1.88 percent on Wednesday March 26, according to over-the-counter interbank yield quotes for this government bond maturity. China 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on March of 2025.

China Bond Settlement: Interbank: Spot: Sell: Securities Company data was reported at 2,104,365.260 RMB mn in Feb 2021. This records a decrease from the previous number of 3,615,230.744 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: Securities Company data is updated monthly, averaging 282,069.400 RMB mn from Jun 1997 (Median) to Feb 2021, with 285 observations. The data reached an all-time high of 4,152,126.026 RMB mn in Nov 2019 and a record low of 0.000 RMB mn in Mar 2002. China Bond Settlement: Interbank: Spot: Sell: Securities Company data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

China Bond Settlement: OTC: Spot: Sell: GB: Saving Bond (Electronic) data was reported at 0.000 RMB mn in Mar 2013. This stayed constant from the previous number of 0.000 RMB mn for Feb 2013. China Bond Settlement: OTC: Spot: Sell: GB: Saving Bond (Electronic) data is updated monthly, averaging 0.000 RMB mn from Jan 2005 (Median) to Mar 2013, with 99 observations. The data reached an all-time high of 0.000 RMB mn in Mar 2013 and a record low of 0.000 RMB mn in Mar 2013. China Bond Settlement: OTC: Spot: Sell: GB: Saving Bond (Electronic) data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: OTC Spot.

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 Bond Settlement: OTC: Spot: Sell: GB: Treasury Bond data was reported at 75.000 RMB mn in Mar 2013. This records an increase from the previous number of 65.000 RMB mn for Feb 2013. China Bond Settlement: OTC: Spot: Sell: GB: Treasury Bond data is updated monthly, averaging 139.000 RMB mn from Jun 2002 (Median) to Mar 2013, with 130 observations. The data reached an all-time high of 825.000 RMB mn in Jul 2009 and a record low of 16.000 RMB mn in Jul 2003. China Bond Settlement: OTC: Spot: Sell: GB: Treasury Bond data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: OTC Spot.

China Bond Settlement: Interbank: Spot: Sell: CB: Village & Township Bank data was reported at 720.000 RMB mn in Feb 2021. This records a decrease from the previous number of 1,900.000 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: CB: Village & Township Bank data is updated monthly, averaging 422.500 RMB mn from May 2009 (Median) to Feb 2021, with 142 observations. The data reached an all-time high of 8,150.000 RMB mn in Mar 2020 and a record low of 0.000 RMB mn in Dec 2013. China Bond Settlement: Interbank: Spot: Sell: CB: Village & Township Bank data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

China Bond Settlement: Interbank: Spot: Sell: Insurance Inst data was reported at 4,900.000 RMB mn in Feb 2021. This records a decrease from the previous number of 9,987.000 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: Insurance Inst data is updated monthly, averaging 10,750.000 RMB mn from Jun 1997 (Median) to Feb 2021, with 285 observations. The data reached an all-time high of 106,809.000 RMB mn in Dec 2008 and a record low of 0.000 RMB mn in Sep 2001. China Bond Settlement: Interbank: Spot: Sell: Insurance Inst data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

China Bond: Foreign Investor: Spot: Sell data was reported at 691.000 RMB bn in Jan 2025. This records an increase from the previous number of 566.500 RMB bn for Dec 2024. China Bond: Foreign Investor: Spot: Sell data is updated monthly, averaging 549.800 RMB bn from Dec 2020 (Median) to Jan 2025, with 50 observations. The data reached an all-time high of 867.900 RMB bn in Mar 2024 and a record low of 264.000 RMB bn in Feb 2021. China Bond: Foreign Investor: Spot: Sell data remains active status in CEIC and is reported by National Interbank Funding Center. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: Bond Foreign Investment.

China Bond Settlement: Interbank: Spot: Sell: non Financial Inst data was reported at 0.000 RMB mn in Dec 2018. This stayed constant from the previous number of 0.000 RMB mn for Nov 2018. China Bond Settlement: Interbank: Spot: Sell: non Financial Inst data is updated monthly, averaging 100.000 RMB mn from Jun 1997 (Median) to Dec 2018, with 259 observations. The data reached an all-time high of 97,523.000 RMB mn in Mar 2010 and a record low of 0.000 RMB mn in Dec 2018. China Bond Settlement: Interbank: Spot: Sell: non Financial Inst data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

China Bond Settlement: Interbank: Spot: Sell: CB: City Commercial Bank data was reported at 1,499,655.010 RMB mn in Feb 2021. This records a decrease from the previous number of 2,020,376.620 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: CB: City Commercial Bank data is updated monthly, averaging 591,724.000 RMB mn from Jun 1997 (Median) to Feb 2021, with 285 observations. The data reached an all-time high of 7,359,813.780 RMB mn in Jul 2020 and a record low of 0.000 RMB mn in Feb 1999. China Bond Settlement: Interbank: Spot: Sell: CB: City Commercial Bank data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

China Bond Settlement: Interbank: Spot: Sell: CB: Foreign Bank data was reported at 376,714.980 RMB mn in Feb 2021. This records a decrease from the previous number of 732,576.560 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: CB: Foreign Bank data is updated monthly, averaging 200,905.780 RMB mn from Jun 1997 (Median) to Feb 2021, with 285 observations. The data reached an all-time high of 842,348.000 RMB mn in Aug 2012 and a record low of 0.000 RMB mn in Dec 2003. China Bond Settlement: Interbank: Spot: Sell: CB: Foreign Bank data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

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 Bond Settlement: Interbank: Spot: Sell: Fund Inst: Commercial Banks Wealth Management Product data was reported at 150,905.450 RMB mn in Feb 2021. This records a decrease from the previous number of 192,201.890 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: Fund Inst: Commercial Banks Wealth Management Product data is updated monthly, averaging 57,512.285 RMB mn from Jan 2015 (Median) to Feb 2021, with 74 observations. The data reached an all-time high of 231,620.800 RMB mn in Dec 2018 and a record low of 190.000 RMB mn in Feb 2016. China Bond Settlement: Interbank: Spot: Sell: Fund Inst: Commercial Banks Wealth Management Product data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.

China Bond Settlement: OTC: Spot: Sell: GB: Local Government Bond data was reported at 0.000 RMB mn in Mar 2013. This stayed constant from the previous number of 0.000 RMB mn for Feb 2013. China Bond Settlement: OTC: Spot: Sell: GB: Local Government Bond data is updated monthly, averaging 0.000 RMB mn from Mar 2009 (Median) to Mar 2013, with 49 observations. The data reached an all-time high of 0.000 RMB mn in Mar 2013 and a record low of 0.000 RMB mn in Mar 2013. China Bond Settlement: OTC: Spot: Sell: GB: Local Government Bond data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: OTC Spot.

China Bond Settlement: Interbank: Spot: Sell: CB: Rural Cooperative Bank data was reported at 2,920.000 RMB mn in Feb 2021. This records a decrease from the previous number of 4,020.000 RMB mn for Jan 2021. China Bond Settlement: Interbank: Spot: Sell: CB: Rural Cooperative Bank data is updated monthly, averaging 10,055.000 RMB mn from Jun 1997 (Median) to Feb 2021, with 237 observations. The data reached an all-time high of 203,926.000 RMB mn in Nov 2010 and a record low of 0.000 RMB mn in Feb 2018. China Bond Settlement: Interbank: Spot: Sell: CB: Rural Cooperative Bank data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Settlement: Interbank Spot.