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.

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.

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.

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 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.

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.

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.

Domestic credit to private sector (% of GDP) in China was reported at 195 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - Domestic credit to private sector (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

China Gross Public Debt: % of GDP: Central Government data was reported at 15.920 % in Jun 2017. This records a decrease from the previous number of 16.135 % for Dec 2016. China Gross Public Debt: % of GDP: Central Government data is updated quarterly, averaging 15.169 % from Dec 2009 (Median) to Jun 2017, with 16 observations. The data reached an all-time high of 17.670 % in Dec 2009 and a record low of 14.354 % in Dec 2012. China Gross Public Debt: % of GDP: Central Government data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s China – Table CN.World Bank: QPSD: Gross Public Debt: % of GDP: Central Government.

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.

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

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.

Hong Kong HK: General Government: Gross Debt: % of GDP data was reported at 0.000 % in 2023. This stayed constant from the previous number of 0.000 % for 2022. Hong Kong HK: General Government: Gross Debt: % of GDP data is updated yearly, averaging 0.545 % from Dec 2001 (Median) to 2023, with 23 observations. The data reached an all-time high of 3.523 % in 2002 and a record low of 0.000 % in 2023. Hong Kong HK: General Government: Gross Debt: % of GDP data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong – Table HK.IMF.FM: Government Finance Statistics.

Key information about China External Debt: Short Term: % of GDP

• China External Debt: Short Term accounted for 7.5 % of the country's Nominal GDP in 2023, compared with the ratio of 7.5 % in the previous year.
• China External Debt: Short Term: % of Nominal GDP data is updated yearly, available from 1985 to 2023.
• The data reached an all-time high of 12.4 % in 2014 and a record low of 0.9 % in 1989.

CEIC calculates Short Term External Debt as % of Nominal GDP from annual Short Term External Debt and annual Nominal GDP. The State Administration of Foreign Exchange provides Short Term External Debt in USD. The National Bureau of Statistics provides Nominal GDP in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.


Related information about China External Debt: Short Term: % of GDP

• In the latest reports of China, Current Account recorded a surplus of 146.9 USD bn in Sep 2024.
• Foreign Direct Investment (FDI) fell by 8.1 USD bn in Sep 2024.
• China Direct Investment Abroad expanded by 33.9 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 36.9 USD bn in Jun 2024.
• China External Debt: Short Term value stood at 1,427.3 USD bn in Dec 2023.
• The country's Nominal GDP was reported at 4,166.8 USD bn in Mar 2023.

Graph and download economic data for Total Credit to Private Non-Financial Sector, Adjusted for Breaks, for China (QCNPAM770A) from Q4 1985 to Q3 2024 about adjusted, credits, nonfinancial, China, sector, and private.

The ratio of national debt to gross domestic product (GDP) in Taiwan was forecast to continuously decrease between 2024 and 2029 by in total nine percentage points. After the tenth consecutive decreasing year, the ratio is estimated to reach 17.37 percent and therefore a new minimum in 2029. Depicted here is the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt 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. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more key insights for the ratio of national debt to gross domestic product (GDP) in countries like Japan, China, and South Korea.