The national debt of China was approximately 16.65 trillion U.S. dollars in 2024. Following a continuous upward trend, the national debt has risen by around 16.46 trillion U.S. dollars since 1995. Between 2024 and 2030, the national debt will rise by around 13 trillion U.S. dollars, continuing its consistent upward trajectory.

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.

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.

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.

The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 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 2024, the estimated national debt of Japan amounted to about 250 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 Foreign Debt: U.S. Dollar data was reported at 966.080 USD bn in Dec 2024. This records a decrease from the previous number of 1,000.160 USD bn for Sep 2024. China Foreign Debt: U.S. Dollar data is updated quarterly, averaging 856.892 USD bn from Dec 2009 (Median) to Dec 2024, with 61 observations. The data reached an all-time high of 1,290.516 USD bn in Mar 2022 and a record low of 180.883 USD bn in Dec 2009. China Foreign Debt: U.S. Dollar data remains active status in CEIC and is reported by State Administration of Foreign Exchange. The data is categorized under China Premium Database’s Government and Public Finance – Table CN.FA: Foreign Debt: Quarterly.

Graph and download economic data for Federal Debt Held by Foreign and International Investors (FDHBFIN) from Q1 1970 to Q1 2025 about foreign, debt, federal, and USA.

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.

The outstanding value of China's general government debt securities has shown an upward trend from 2000 to the third quarter of 2024, rising from *** billion U.S. dollars to over ** trillion U.S. dollars. The largest increase occurred between 2019 and 2020, when it went from *** trillion to *** trillion U.S. dollars.

The value of U.S. Treasury securities held by residents of Russia amounted to ** million U.S. dollars in March 2025, marking a stark contrast to ***** billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at ** million U.S. dollars. Furthermore, in March 2020, the figure plummeted to **** billion U.S. dollars, down from **** 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 ** 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 ***** trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing ***** 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 General government gross debt for China (GGGDTACNA188N) from 1995 to 2024 about China, gross, debt, and government.

Debt service on external debt, total (TDS, current US$) in China was reported at 385484224724 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - Debt service on external debt, total (TDS, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

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 China External Debt

• China External Debt reached 2,516.9 USD bn in Sep 2024, compared with 2,545.3 USD bn in the previous quarter.
• China External Debt: USD mn data is updated quarterly, available from Jun 2003 to Sep 2024.
• The data reached an all-time high of 2,746.6 USD bn in Dec 2021 and a record low of 182.6 USD bn in Jun 2003.

The State Administration of Foreign Exchange provides quartely External Debt in USD.


Related information about China External Debt

• In the latest reports of China, Current Account recorded a surplus of 147.6 USD bn in Sep 2024.
• Foreign Direct Investment (FDI) fell by 8.3 USD bn in Sep 2024.
• China Direct Investment Abroad expanded by 34.5 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 24.0 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 4,166.8 USD bn in Mar 2023.

Present value of external debt (current US$) in China was reported at 488114430988 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - Present value of external debt - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Key information about China External Debt: % of GDP

• China External Debt accounted for 13.4 % of the country's Nominal GDP in 2023, compared with the ratio of 13.7 % in the previous year.
• China External Debt: % of Nominal GDP data is updated yearly, available from Dec 1985 to Dec 2023.
• The data reached an all-time high of 17.0 % in Dec 2014 and a record low of 5.1 % in Dec 1985.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and annual Nominal GDP. The State Administration of Foreign Exchange provides 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: % 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.
• The country's External Debt reached 2,545,309.4 in Jun 2024.
• The country's Nominal GDP was reported at 4,166.8 USD bn in Mar 2023.

The national debt of Hong Kong was about ************* U.S. dollars in 2024. Between 2004 and 2024, the national debt rose by approximately ************* U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The national debt will steadily rise by around ************* U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.

As of October 2024, the United States government has a monthly interest rate of *** percent on its debt, continuing an upward trend in interest rates that began at the beginning of 2022. In April 2024, U.S. debt reached ***** trillion U.S. dollars.

External debt stocks, total (DOD, current US$) in China was reported at 2420210835504 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - External debt stocks, total (DOD, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

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

CEIC converts monthly Household Debt into USD. The People's Bank of China provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics.


Further information about China Household Debt

• 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