The national debt in China was forecast to continuously increase between 2024 and 2029 by in total 10.6 trillion U.S. dollars (+63.47 percent). After the tenth consecutive increasing year, the national debt is estimated to reach 27.2 trillion U.S. dollars and therefore a new peak in 2029. Notably, the national debt was continuously increasing over the past years.The indicator describes the general government gross debt which 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.Find more key insights for the national debt in countries like Taiwan, Japan, and South Korea.

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.

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.

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.

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

In 2023, China held 5.33 percent of foreign held U.S. securities. Japan held a further 9.28 percent of foreign held securities. The national debt of the United Stated can be found here.

China External Debt: Total External Debt per Capita data was reported at 0.002 USD mn in 2023. This records a decrease from the previous number of 0.002 USD mn for 2022. China External Debt: Total External Debt per Capita data is updated yearly, averaging 0.000 USD mn from Dec 1981 (Median) to 2023, with 43 observations. The data reached an all-time high of 0.002 USD mn in 2021 and a record low of 0.000 USD mn in 1981. China External Debt: Total External Debt per Capita 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. Total external debt is debt owed to nonresidents repayable in currency, goods, or services. Total external debt is the sum of public, publicly guaranteed, and private nonguaranteed long-term debt, use of IMF credit, and short-term debt. Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. Data are in current U.S. dollars.

Present value of external debt (current US$) in China was reported at 497466680411 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 March of 2025.

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.

External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$) in China was reported at 467995987954 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) in China was reported at --44757998000 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - Net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

The statistic shows the national debt of Japan from 2019 to 2021, with projections up until 2029. The amount of Japan's national debt in 2022 amounted to about 9.16 trillion U.S. dollar. In a ranking of debt to GDP per country, Japan is thus currently ranked first.

Japan's economic power

With one of the largest gross domestic products (GDP), Japan is among the largest economies in the world. However, ever since the global financial crisis, Japan's GDP - like many others - has been slightly unstable; Japan even reported a negative GDP growth in comparison to the previous year in 2011 and in 2014. Still, it is estimated that gross domestic product in Japan will continue to thrive over the next decade. One indicator is Japan's inflation rate: Despite the aforementioned economic slumps, Japan has managed to maintain one of the lowest inflation rates in the world, and it also reduced its unemployment rate. Between 2010 and 2013, the unemployment rate in Japan decreased by approximately one percent, and it is expected to drop even lower over the next years.

Recently, Japan has been reporting a trade deficit, meaning the value of its imports exceeds the value of its exports. Most of these imports have come from China and the United States. The trade deficit is one of the causes for in an increase of the national debt. It is estimated that the national debt in relation to the GDP will increase further until 2020.

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.

External Debt in Pakistan decreased to 131069 USD Million in the fourth quarter of 2024 from 133683 USD Million in the third quarter of 2024. This dataset provides - Pakistan External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The national debt in Taiwan was forecast to continuously decrease between 2024 and 2029 by in total 39.7 billion U.S. dollars (-19.35 percent). After the sixth consecutive decreasing year, the national debt is estimated to reach 165.46 billion U.S. dollars and therefore a new minimum in 2029. According to the International Monetary Fund, the general government 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.Find more key insights for the national debt in countries like Japan, South Korea, and Hong Kong SAR China.

Over the last decade, the debt of nonfinancial corporations in China have grown the fastest of all major economies, increasing from 4.38 trillion U.S. dollars in 2008 to 27.7 trillion U.S. dollars in 2022. As a result, Chinese corporate debt now exceeds U.S. corporate debt, which stood at nearly 20 trillion U.S. dollars in 2022.

Key information about Australia External Debt

• Australia External Debt reached 1,892.2 USD bn in Dec 2024, compared with 1,949.0 USD bn in the previous quarter.
• Australia External Debt: USD mn data is updated quarterly, available from Sep 1988 to Dec 2024.
• The data reached an all-time high of 2,021.4 USD bn in Dec 2020 and a record low of 115.3 USD bn in Sep 1988.

CEIC converts quarterly External Debt into USD. The Australian Bureau of Statistics provides External Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.


Related information about Australia External Debt

• In the latest reports of Australia, Current Account recorded a deficit of 8.2 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 12.1 USD bn in Dec 2024.
• Australia Direct Investment Abroad expanded by 12.1 USD bn in Dec 2024.
• Its Foreign Portfolio Investment increased by 37.2 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 440.1 USD bn in Mar 2023.

China External Debt: INT: GG: Multilateral Concessional data was reported at 1.765 USD mn in 2023. This records a decrease from the previous number of 2.919 USD mn for 2022. China External Debt: INT: GG: Multilateral Concessional data is updated yearly, averaging 43.965 USD mn from Dec 1983 (Median) to 2023, with 41 observations. The data reached an all-time high of 80.501 USD mn in 2008 and a record low of 0.564 USD mn in 1983. China External Debt: INT: GG: Multilateral Concessional 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: Disbursements and Interest Payment: Annual. General government multilateral loans include loans and credits from the World Bank, regional development banks, and other multilateral and intergovernmental agencies. Excluded are loans from funds administered by an international organization on behalf of a single donor government; these are classified as loans from governments. Concessional debt is defined as loans with an original grant element of 35 percent or more. The grant element of a loan is the grant equivalent expressed as a percentage of the amount committed. It is used as a measure of the overall cost of borrowing. The grant equivalent of a loan is its commitment (present) value, less the discounted present value of its contractual debt service; conventionally, future service payments are discounted at 5 percent. Interest payments are actual amounts of interest paid by the borrower in currency, goods, or services in the year specified. Data are in current U.S. dollars.