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 recorded a Government Budget deficit equal to 6.50 percent of the country's Gross Domestic Product in 2024. This dataset provides - China Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China recorded a government budget surplus of 6228 CNY Hundred Million in August of 2025. This dataset provides - China Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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 *** percent of the national GDP.

In 2023, public spending on education amounted to around 4.1 trillion yuan, making it the largest item in the Chinese government budget. Total government expenditure in China reached 27.46 trillion yuan that year.

In 2024, tax revenues generated by far the largest part of total government revenue in China, reaching around 17.5 trillion yuan. Total government revenue amounted to around 21.97 trillion yuan that year.

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

This graph shows public expenditure on debt interest payments in China from 2016 to 2024. In 2024, total public expenditure on debt interest payments in China amounted to around 1.29 trillion yuan.

In 2024, the total debt of nonfinancial sectors in China have grown to around 286.5 percent of the domestic gross domestic product (GDP). Private households had accumulated a total debt of 60 percent of the GDP that year.

Key information about China National Government Debt

• China National Government Debt reached 4,230.0 USD bn in Dec 2023, compared with 3,750.7 USD bn in the previous year.
• China National Government Debt data is updated yearly, available from Dec 2005 to Dec 2023.
• The data reached an all-time high of 4,230.0 USD bn in Dec 2023 and a record low of 404.1 USD bn in Dec 2005.

CEIC converts annual Government Debt into USD. Ministry of Finance provides Government Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt covers Central Government Debt only.


Related information about China National Government Debt

• In the latest reports, China Consolidated Fiscal Balance recorded a deficit equal to 4.8 % of its Nominal GDP in Mar 2024.
• The country's Government debt accounted for 24.0 % of its Nominal GDP in Mar 2024.
• China Nominal GDP reached 4,166.8 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.

In 2023, China's total expenditure on military services was estimated at 1.67 percent of the national gross domestic product (GDP). This was equivalent to a total spending on the military of around 296 billion U.S. dollars. Total spending on the military was estimated to be significantly higher than the official national defense budget, which was valued at 229 billion U.S. dollars or 1.3 percent of the GDP in 2022.

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.

In 2024, domestic value-added tax (VAT) was responsible for the largest amount of tax revenue in China generating around 6.7 trillion yuan. China's total tax income amounted to approximately 17.5 trillion yuan that year.

The budget balance in relation to the GDP in South Korea was forecast to continuously increase between 2024 and 2030 by in total 0.23 percentage points. The budget balance is estimated to amount to -0.41 percent in 2030. 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 expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.Find more key insights for the budget balance in relation to the GDP in countries like Japan, Taiwan, and China.

This graph shows public expenditure on energy conservation and environmental protection in China from 2014 to 2024. In 2024, total public expenditure on energy conservation and environmental protection in China amounted to around 548.9 billion yuan.

Key information about Hong Kong SAR (China) National Government Debt

• Hong Kong SAR (China) National Government Debt reached 190.1 USD bn in Mar 2024, compared with 181.7 USD bn in the previous year.
• Hong Kong SAR (China) National Government Debt data is updated yearly, available from Mar 2003 to Mar 2024.
• The data reached an all-time high of 190.1 USD bn in Mar 2024 and a record low of 45.3 USD bn in Mar 2003.

CEIC converts annual Government Debt into USD. The Treasury provides Government Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt covers Provision for Pensions, Bonds and Notes Issued and Other Liabilities. Government Debt is in annual frequency, ending in March of each year.


Related information about Hong Kong SAR (China) National Government Debt

• In the latest reports, Hong Kong SAR (China) Consolidated Fiscal Balance recorded a deficit equal to 6.1 % of its Nominal GDP in Sep 2024.
• The country's Government debt accounted for 49.1 % of its Nominal GDP in Mar 2024.
• Hong Kong SAR (China) Nominal GDP reached 91.4 USD bn in Mar 2023.

Zhejiang: Quzhou: Govt Revenue: Balance at Last Year End data was reported at 2,725.810 RMB mn in 2023. This records an increase from the previous number of 2,228.010 RMB mn for 2022. Zhejiang: Quzhou: Govt Revenue: Balance at Last Year End data is updated yearly, averaging 1,935.880 RMB mn from Dec 2017 (Median) to 2023, with 7 observations. The data reached an all-time high of 2,725.810 RMB mn in 2023 and a record low of 908.830 RMB mn in 2017. Zhejiang: Quzhou: Govt Revenue: Balance at Last Year End data remains active status in CEIC and is reported by Quzhou Bureau of Finance. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FC: General Public Budget Revenue & Expenditure: Zhejiang.

The post-COVID-19 era presents a looming threat of global debt, elevating concerns regarding sovereign credit ratings worldwide. This study develops a new index system, divides the rating variables into long- and short-term factors, performs rating fitting and prediction, and investigates the fairness of China and relevant countries. Our findings reveal that sovereign credit ratings have a deterrent effect on the global financial market due to the ceiling effect and quasi-public goods characteristics. A high and stable credit rating demands long-term enhancements in economic fundamentals, budget balances, external surpluses, and overall solvency. Concurrently, effective short-term debt management strategies, including reduction, repayment, and swaps, are essential. Moreover, we introduce the concept of a "rating gap" to assess rating fairness, revealing both undervaluation and overvaluation among countries. Notably, China’s sovereign rating was underestimated between 2009 and 2011 and overestimated between 2013 and 2016. These findings underscore the criticality of government vigilance in monitoring sovereign debt and credit ratings to navigate potential post-COVID-19 sovereign debt crises.