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 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.

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 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.

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

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.

Depicted is the budget balance in relation to the GDP in China which amounts to approximately -8.57 percent in 2025.Fluctuating decline between 1982 and 2025Compared to the earliest depicted observation from 1982 this is a total decrease by approximately 8.79 percentage points. The trajectory from 1982 to 2025 shows however that this decrease did not happen continuously.Fluctuating rise between 2025 and 2030The budget balance will be about -8.11 percent in 2030, according to forecasts. From 2025 onwards, there is an overall increase by approximately 0.46 percentage points.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.

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.

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.

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.

In 2023, the basic pension insurance funds in China recorded a cumulative balance surplus of around 7.8 trillion yuan. The basic pension insurance program is a compulsory insurance program operated by the government in China. People who participate in the basic pension insurance program in China are divided in two groups: urban employees and other residents in urban and rural areas. The insurance funds for urban employees are much higher than that for the other group.

-8.339 (Divisa nacional (Billones)) in 2023. The structural budget balance refers to the general government cyclically adjusted balance adjusted for nonstructural elements beyond the economic cycle. These include temporary financial sector and asset price movements as well as one-off, or temporary, revenue or expenditure items. The cyclically adjusted balance is the fiscal balance adjusted for the effects of the economic cycle; see, for example, A. Fedelino. A. Ivanova and M. Horton "Computing Cyclically Adjusted Balances and Automatic Stabilizers" IMF Technical Guidance Note No. 5, http://www.imf.org/external/pubs/ft/tnm/2009/tnm0905.pdf.

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.

Guangdong: Zhongshan: Govt Revenue: Balance at Last Year End data was reported at 480.000 RMB mn in 2023. This records a decrease from the previous number of 510.000 RMB mn for 2022. Guangdong: Zhongshan: Govt Revenue: Balance at Last Year End data is updated yearly, averaging 996.830 RMB mn from Dec 2016 (Median) to 2023, with 8 observations. The data reached an all-time high of 3,078.390 RMB mn in 2017 and a record low of 262.570 RMB mn in 2021. Guangdong: Zhongshan: Govt Revenue: Balance at Last Year End data remains active status in CEIC and is reported by Zhongshan Municipal Finance Bureau. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FC: General Public Budget Revenue & Expenditure: Guangdong.

It refers to the foreign currency assets (including foreign currency cash, foreign currency deposits, and securities denominated in foreign currency) held by the central bank for non-residents, which can be freely used and utilized as needed to alleviate international balance of payments deficits.

Fujian: Fuzhou: Govt Expenditure: Balance at Year End data was reported at 18,129.090 RMB mn in 2023. This records an increase from the previous number of 15,622.440 RMB mn for 2022. Fujian: Fuzhou: Govt Expenditure: Balance at Year End data is updated yearly, averaging 9,574.750 RMB mn from Dec 2015 (Median) to 2023, with 9 observations. The data reached an all-time high of 18,129.090 RMB mn in 2023 and a record low of 7,764.640 RMB mn in 2020. Fujian: Fuzhou: Govt Expenditure: Balance at Year End data remains active status in CEIC and is reported by Fuzhou Finance Bureau. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FC: General Public Budget Revenue & Expenditure: Fujian.

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.

Panel random effect ordered probit regression results.

Henan: Zhengzhou: Govt Revenue: Balance at Last Year End data was reported at 9,968.780 RMB mn in 2022. This records an increase from the previous number of 4,890.240 RMB mn for 2021. Henan: Zhengzhou: Govt Revenue: Balance at Last Year End data is updated yearly, averaging 2,972.190 RMB mn from Dec 2016 (Median) to 2022, with 7 observations. The data reached an all-time high of 9,968.780 RMB mn in 2022 and a record low of 2,683.700 RMB mn in 2016. Henan: Zhengzhou: Govt Revenue: Balance at Last Year End data remains active status in CEIC and is reported by Zhengzhou Finance Bureau. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FC: General Public Budget Revenue & Expenditure: Henan.