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.

• 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.

Developing and emerging market economies have increased their debt exposure to China in recent years. Despite its initial promise, many borrowers of Chinese loans face difficulties in meeting these loan obligations. Under what circumstances do Chinese borrowers in debt distress turn to the International Monetary Fund? Our starting point is that Chinese loans are tied into projects that promise to generate sufficient revenue to repay these loans. We expect that governments turn to the IMF for bailout funding when a severe shock erodes the value of the underlying loan collateral, requiring mobilizing revenues and implementing austerity measures. Without alternative financing options, the IMF becomes the most viable option to weather financial distress. We expect governments to accept a `whatever-it-takes' number of loan conditions. Using cross-country time series analysis for up to 162 countries between 2000 and 2018, we show that defaults on Chinese debt trigger IMF programs only when a country experiences a severe adverse shock. Countries tapping the IMF also accept a greater number of loan conditions. From a policy perspective, current financial distress in borrowing countries underscores the urgency to design and deploy targeted governance reform measures beyond program safeguards and loan conditions to mitigate the built-up of macro-financial vulnerabilities, independent of where the money is coming from.

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.

• 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.

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.

Key information about China Household Debt

• China Household Debt reached 11,498.4 USD bn in Jan 2025, compared with the reported number of 11,347.6 USD bn in the previous month
• China Household Debt: USD mn data is updated monthly, available from Jan 2007 to Jan 2025
• The data reached an all-time high of 11,691.0 USD bn in Sep 2024 and a record low of 517.7 USD bn in Jan 2007

• In the latest reports, China Household Debt accounted for 63.3 % of the country's Nominal GDP in Mar 2023
• Money Supply M2 in China increased 44,045.8 USD bn YoY in Sep 2024
• China Foreign Exchange Reserves was measured at 3,209.0 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 13.9 Months of Import in Dec 2024
• China Domestic Credit reached 49,338.1 USD bn in Jan 2025, representing an increased of 7.9 % YoY

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.

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.

China Central Government Debt Outstanding: Have Repayment Obligation data was reported at 9,812,948.000 RMB mn in Jun 2013. This records an increase from the previous number of 9,437,672.000 RMB mn for Dec 2012. China Central Government Debt Outstanding: Have Repayment Obligation data is updated semiannually, averaging 9,625,310.000 RMB mn from Dec 2012 (Median) to Jun 2013, with 2 observations. The data reached an all-time high of 9,812,948.000 RMB mn in Jun 2013 and a record low of 9,437,672.000 RMB mn in Dec 2012. China Central Government Debt Outstanding: Have Repayment Obligation data remains active status in CEIC and is reported by National Audit Office. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Debt: National Audit Office.

Two Excel files that fully replicate all figures and tables. Each file includes short ReadMe files to guide users: • “HowChinaLends_DataandResults” includes the raw data and derives all results and statistics that are presented in the paper and appendix. The data in this file is identical to the dataset posted on the AidData website (https://www.aiddata.org/data/how-china-lends-dataset-version-1-0). The source links are updated to direct users to our online repository. The ContractData sheet contains the full coding results for all 100 Chinese loan contracts and all 142 benchmark contracts from Cameroon. • HowChinaLends_ChartBook presents all tables and figures from the paper based on statistics derived from “HowChinaLends_DataandResults".

If you use the data, please cite as: Gelpern, A., Horn, S., Morris, S., Parks, B., & Trebesch, C. (2021). How China Lends: A Rare Look into 100 Debt Contracts with Foreign Governments. Peterson Institute for International Economics, Kiel Institute for the World Economy, Center for Global Development, and AidData at William & Mary.

China Local Government Debt Outstanding: Have Repayment Obligation data was reported at 18,386,152.000 RMB mn in Dec 2018. This records an increase from the previous number of 16,799,700.000 RMB mn for Jun 2018. China Local Government Debt Outstanding: Have Repayment Obligation data is updated semiannually, averaging 15,355,759.000 RMB mn from Dec 2010 (Median) to Dec 2018, with 9 observations. The data reached an all-time high of 18,386,152.000 RMB mn in Dec 2018 and a record low of 6,710,951.000 RMB mn in Dec 2010. China Local Government Debt Outstanding: Have Repayment Obligation data remains active status in CEIC and is reported by National Audit Office. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Government Debt: National Audit Office.

China Foreign Direct Investment Position: Inward: USD: Total data was reported at 3,495.567 USD bn in 2022. This records a decrease from the previous number of 3,603.453 USD bn for 2021. China Foreign Direct Investment Position: Inward: USD: Total data is updated yearly, averaging 2,465.170 USD bn from Dec 2005 (Median) to 2022, with 18 observations. The data reached an all-time high of 3,603.453 USD bn in 2021 and a record low of 471.549 USD bn in 2005. China Foreign Direct Investment Position: Inward: USD: Total data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s China – Table CN.OECD.FDI: Foreign Direct Investment: USD: Non OECD Member: Annual. FDI aggregates are availble according to the two presentations being used to measure FDI at the global, or aggregate level: the asset/liability basis and the directional basis. For countries that publish both measures, both measures are published by the OECD. For selected countries, asset/liability figures are not directly comparable to directional figures, due to different compilation methods or to different revision calendars (consequently, the net value between assets and liabilities differs from the net value between outward and inward data). FDI aggregates on both basis (asset/liability basis and directional basis) are available in the following datasets: FDI financial flows, main aggregates BMD4 - FDI positions, main aggregates BMD4 and FDI income, main aggregates BMD4 A simplified table of FDI aggregates is also available in the dataset FDI main aggregates -Summary . This table include FDI aggregates on directional basis only when available, or on asset/liability otherwise. On an asset/liability basis , direct investment statistics are organised according to whether the investment relates to an asset or a liability for the country compiling the statistics. For example, a country's assets include equity investments by parent companies resident in that country in their foreign affiliates because those investments are claims that they have on assets in foreign countries. Similarly, a country's liabilities include foreign parents' equity investments in affiliates resident in that country because those investments represent claims that foreigners have on assets in the reporting country. The asset/liability presentation does not show the direction of influence as the directional presentation does. Under the directional presentation , the direct investment flows and positions are organised according to the direction of the investment for the reporting economy-either outward or inward .So, for a particular country, all flows and positions of direct investors resident in that economy are shown under outward investment and all flows and positions for direct investment enterprises resident in that economy are shown under inward investment. The directional presentation reflects the direction of influence. For more details, see a complete note on 'Asset/liability versus directional presentation'; FDI financial flows are cross-border transactions between affiliated parties (direct investors, direct investment enterprises and/or fellow enterprises) recorded during the reference period (typically year or quarter). FDI positions represent the value of the stock of direct investments held at the end of the reference period (typically year or quarter). The change in direct investment positions from one period to the next is equal to the value of financial transactions recorded during the period plus other changes in prices, exchange rates, and volume. FDI income data are closely linked to the stocks of investments and are used for analysis of the productivity of the investment and calculation of the rate of return on the total funds invested. The main financial instrument components of FDI are equity and debt instruments. Equity includes common and preferred shares (exclusive of non-participating preference shares which should be included under debt), reserves, capital contributions and reinvestment of earnings. Dividends, distributed branch earnings, reinvested earnings and undistributed branch earnings are components of FDI income on equity . Reinvested earnings and reinvestment of earnings are separately identified components of equity in FDI income data and in FDI financial flows. Debt instruments include marketable securities such as bonds, debentures, commercial paper, promissory notes, non-participating preference shares and other tradable non-equity securities as well as loans, deposits, trade credit and other accounts payable/ receivable.The interest returns on the above instruments are included in FDI income on debt .; FDI financial flows and positions are not available on a directional basis, therefore series included in the dataset 'FDI main aggregates-summary' are on asset/liability basis as opposed to directional basis.

Czech Republic CZ: Foreign Direct Investment Financial Flows: Outward: USD: Total: Hong Kong SAR (China) data was reported at 4.040 USD mn in 2023. This records a decrease from the previous number of 15.791 USD mn for 2022. Czech Republic CZ: Foreign Direct Investment Financial Flows: Outward: USD: Total: Hong Kong SAR (China) data is updated yearly, averaging 0.180 USD mn from Dec 2016 (Median) to 2023, with 8 observations. The data reached an all-time high of 15.791 USD mn in 2022 and a record low of -3.061 USD mn in 2021. Czech Republic CZ: Foreign Direct Investment Financial Flows: Outward: USD: Total: Hong Kong SAR (China) data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Czech Republic – Table CZ.OECD.FDI: Foreign Direct Investment Financial Flows: USD: by Region and Country: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is not applied in the recording of total inward and outward FDi transactions and positions. Such cases have never been observed. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the direct investor. Resident Special Purpose Entities (SPEs) do not exist or are not significant and are recorded as zero in the FDI database. Valuation method used for listed inward and outward equity positions: Own funds at book value. Valuation method used for unlisted inward and outward equity positions: Own funds at book value. Valuation method used for inward and outward debt positions: Nominal value.; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Inward FDI positions according to the ultimate counterparty (the ultimate investing country) are also available and publishable. In the dataset 'FDI statistics by parner country and by industry - Summary', inward FDI positions are showed according to the UIC. Intercompany debt between related financial intermediaries, including permanent debt, are excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationships (FDIR) method. Debt between fellow enterprises are completely covered. Collective investment institutions are covered as direct investment enterprises. FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions are allocated according to the activity of the non resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the non resident direct investment enterprise. Statistical unit: Enterprise.

China External Debt: DOD: Stocks: Public Sector data was reported at 445.862 USD bn in 2022. This records a decrease from the previous number of 458.029 USD bn for 2021. China External Debt: DOD: Stocks: Public Sector data is updated yearly, averaging 92.509 USD bn from Dec 1981 (Median) to 2022, with 42 observations. The data reached an all-time high of 458.029 USD bn in 2021 and a record low of 4.914 USD bn in 1981. China External Debt: DOD: Stocks: Public Sector 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.IDS: External Debt: Debt Outstanding, Debt Ratio and Debt Service: Annual. Public sector debt comprises long-term external obligations of public debtors, including the national government of all levels, political subdivisions (or an agency of either), autonomous public bodies such as Public Corporations, State Owned Enterprises, Development Banks and Other Mixed Enterprises. Data are in current U.S. dollars.

Czech Republic CZ: Foreign Direct Investment Financial Flows: Outward: USD: Total: China data was reported at -97.242 USD mn in 2023. This records a decrease from the previous number of -37.114 USD mn for 2022. Czech Republic CZ: Foreign Direct Investment Financial Flows: Outward: USD: Total: China data is updated yearly, averaging -21.556 USD mn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 48.066 USD mn in 2014 and a record low of -97.242 USD mn in 2023. Czech Republic CZ: Foreign Direct Investment Financial Flows: Outward: USD: Total: China data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Czech Republic – Table CZ.OECD.FDI: Foreign Direct Investment Financial Flows: USD: by Region and Country: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is not applied in the recording of total inward and outward FDi transactions and positions. Such cases have never been observed. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the direct investor. Resident Special Purpose Entities (SPEs) do not exist or are not significant and are recorded as zero in the FDI database. Valuation method used for listed inward and outward equity positions: Own funds at book value. Valuation method used for unlisted inward and outward equity positions: Own funds at book value. Valuation method used for inward and outward debt positions: Nominal value.; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Inward FDI positions according to the ultimate counterparty (the ultimate investing country) are also available and publishable. In the dataset 'FDI statistics by parner country and by industry - Summary', inward FDI positions are showed according to the UIC. Intercompany debt between related financial intermediaries, including permanent debt, are excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationships (FDIR) method. Debt between fellow enterprises are completely covered. Collective investment institutions are covered as direct investment enterprises. FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions are allocated according to the activity of the non resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the non resident direct investment enterprise. Statistical unit: Enterprise.

The benchmark interest rate in China was last recorded at 3.10 percent. This dataset provides the latest reported value for - China Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

Ireland IE: Foreign Direct Investment Income: Outward: USD: Total: Hong Kong SAR (China) data was reported at 117.523 USD mn in 2023. This records an increase from the previous number of 14.345 USD mn for 2020. Ireland IE: Foreign Direct Investment Income: Outward: USD: Total: Hong Kong SAR (China) data is updated yearly, averaging 14.345 USD mn from Dec 2012 (Median) to 2023, with 9 observations. The data reached an all-time high of 117.523 USD mn in 2023 and a record low of -11.273 USD mn in 2017. Ireland IE: Foreign Direct Investment Income: Outward: USD: Total: Hong Kong SAR (China) data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Ireland – Table IE.OECD.FDI: Foreign Direct Investment Income: USD: by Region and Country: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is applied in the recording of total inward and outward FDI transactions and positions. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the ultimate controlling parent (extended directional principle). FDI transactions and positions by partner country and/or by industry are available excluding and including resident Special Purpose Entities (SPEs). The dataset 'FDI statistics by parner country and by industry - Summary' contains series including resident SPEs only. Valuation method used for listed inward and outward equity positions: Market value, Own funds at book value. Valuation method used for unlisted inward and outward equity positions: Own funds at book value. Valuation method used for inward and outward debt positions: Market value .; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Intercompany debt between related financial intermediaries, including permanent debt, are not excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationships (FDIR) method. Debt between fellow enterprises are completely covered. Collective investment institutions are not covered as direct investment enterprises. Non-profit institutions serving households are covered as direct investors. FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions and positions are allocated according to the activity of the resident direct investor. Statistical unit: Enterprise.

Lithuania LT: Foreign Direct Investment Income: Inward: USD: Total: China data was reported at 5.212 USD mn in 2023. This records an increase from the previous number of 1.946 USD mn for 2022. Lithuania LT: Foreign Direct Investment Income: Inward: USD: Total: China data is updated yearly, averaging 0.137 USD mn from Dec 2005 (Median) to 2023, with 19 observations. The data reached an all-time high of 5.212 USD mn in 2023 and a record low of -1.053 USD mn in 2021. Lithuania LT: Foreign Direct Investment Income: Inward: USD: Total: China data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Lithuania – Table LT.OECD.FDI: Foreign Direct Investment Income: USD: by Region and Country: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is applied in the recording of total inward and outward FDI transactions and positions. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the ultimate controlling parent (extended directional principle). FDI transactions and positions by partner country and/or by industry are available excluding and including resident Special Purpose Entities (SPEs). The dataset 'FDI statistics by parner country and by industry - Summary' contains series including resident SPEs only. Valuation method used for listed inward and outward equity positions: Market value. Valuation method used for unlisted inward and outward equity positions: Own funds at book value. Valuation method used for inward and outward debt positions: Market and Nominal values. .; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Inward FDI positions according to the ultimate counterparty (the ultimate investing country) are also available and publishable. In the dataset 'FDI statistics by parner country and by industry - Summary', inward FDI positions are showed according to the UIC. Intercompany debt between related financial intermediaries, including permanent debt, are excluded from FDI transactions and positions. FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions are allocated according to the activity of the non resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the non resident direct investment enterprise. Statistical unit: Enterprise.

External Debt in Thailand increased to 200924.70 USD Million in the third quarter of 2024 from 185501.66 USD Million in the second quarter of 2024. This dataset provides - Thailand External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Czech Republic CZ: Foreign Direct Investment Income: Outward: Total: China data was reported at 573.989 CZK mn in 2023. This records an increase from the previous number of 194.784 CZK mn for 2022. Czech Republic CZ: Foreign Direct Investment Income: Outward: Total: China data is updated yearly, averaging -9.688 CZK mn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 573.989 CZK mn in 2023 and a record low of -741.973 CZK mn in 2017. Czech Republic CZ: Foreign Direct Investment Income: Outward: Total: China data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Czech Republic – Table CZ.OECD.FDI: Foreign Direct Investment Income: by Region and Country: OECD Member: Annual. Reverse investment: Netting of reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) and reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is not applied in the recording of total inward and outward FDi transactions and positions. Such cases have never been observed. Treatment of debt FDI transactions and positions between fellow enterprises: directional basis according to the residency of the direct investor. Resident Special Purpose Entities (SPEs) do not exist or are not significant and are recorded as zero in the FDI database. Valuation method used for listed inward and outward equity positions: Own funds at book value. Valuation method used for unlisted inward and outward equity positions: Own funds at book value. Valuation method used for inward and outward debt positions: Nominal value.; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Inward FDI positions according to the ultimate counterparty (the ultimate investing country) are also available and publishable. In the dataset 'FDI statistics by parner country and by industry - Summary', inward FDI positions are showed according to the UIC. Intercompany debt between related financial intermediaries, including permanent debt, are excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationships (FDIR) method. Debt between fellow enterprises are completely covered. Collective investment institutions are covered as direct investment enterprises. FDI statistics are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI transactions and positions are allocated to the activity of the resident direct investment enterprise. Outward FDI transactions are allocated according to the activity of the non resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the non resident direct investment enterprise. Statistical unit: Enterprise.