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 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.

Key information about China Debt Service Ratio: Private Non-Financial Sector

• China Debt Service Ratio: Private Non-Financial Sector was reported at 18.600 % in Sep 2024
• This stayed constant from the previous number of 18.600 % for Jun 2024
• China Debt Service Ratio: Private Non-Financial Sector data is updated quarterly, averaging 15.100 % from Mar 1999 to Sep 2024, with 103 observations
• The data reached an all-time high of 18.600 % in Sep 2024 and a record low of 9.900 % in Jun 1999
• China Debt Service Ratio: Private Non-Financial Sector data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G1 Private Non-Financial Sector (PNF): Quarterly

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.

In 2024, total debt of nonfinancial sectors in China have grown to around ***** percent of the domestic gross domestic product (GDP). Over the last two decades, China's total debt increased by one of the fastest paces among major economies in the world.

Graph and download economic data for Amount Outstanding of Total Debt Securities in Financial Corporations Sector, All Maturities, Residence of Issuer in China (TDSAMRIAOFCCN) from Q4 2000 to Q4 2022 about finance companies, companies, finance, China, maturity, sector, debt, financial, residents, and securities.

Graph and download economic data for Amount Outstanding of Domestic Debt Securities for Issuers in Financial Corporations, Residence of Issuer in China (DSAMRIAOFCCN) from Q1 2000 to Q4 2022 about finance companies, companies, finance, China, debt, financial, domestic, residents, and securities.

In 2024, the total debt of nonfinancial sectors in China have grown to around ****** trillion yuan. This were around ***** percent of the domestic GDP. China's total debt increased by one of the fastest paces among major economies in the world.

Graph and download economic data for Outstanding Total International Debt Securities to GDP for China (DDDM07CNA156NWDB) from 1987 to 2020 about issues, China, debt, and GDP.

Graph and download economic data for Exchange Rate Adjusted Changes of Domestic Debt Securities for Issuers in Financial Corporations, Residence of Issuer in China (DSAMRIFCERCN) from Q2 2000 to Q4 2022 about finance companies, companies, adjusted, finance, China, debt, financial, domestic, residents, securities, exchange rate, and rate.

CN: External Debt: NFL: Net Financial Flows: Bilateral data was reported at -624.140 USD mn in 2023. This records an increase from the previous number of -1.180 USD bn for 2022. CN: External Debt: NFL: Net Financial Flows: Bilateral data is updated yearly, averaging 506.327 USD mn from Dec 1981 (Median) to 2023, with 43 observations. The data reached an all-time high of 5.484 USD bn in 1995 and a record low of -4.050 USD bn in 2017. CN: External Debt: NFL: Net Financial Flows: Bilateral 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: Net Flows and Net Transfers: Annual. Bilateral debt includes loans from governments and their agencies (including central banks), loans from autonomous bodies, and direct loans from official export credit agencies. Net flows (or net lending or net disbursements) received by the borrower during the year are disbursements minus principal repayments. Data are in current U.S. dollars.

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.

Debt service ratios for private non-financial sector in China, December, 2024 The most recent value is 18.5 percent as of Q4 2024, a decline compared to the previous value of 18.6 percent. Historically, the average for China from Q1 2000 to Q4 2024 is 15 percent. The minimum of 10.2 percent was recorded in Q1 2001, while the maximum of 18.6 percent was reached in Q1 2024. | TheGlobalEconomy.com

Key information about China Household Debt: % of GDP

• China household debt accounted for 63.3 % of the country's Nominal GDP in Mar 2023, compared with the ratio of 61.9 % in the previous quarter.
• China household debt to GDP ratio is updated quarterly, available from Mar 2007 to Mar 2023.
• The data reached an all-time high of 63.3 % in Mar 2023 and a record low of 17.9 % in Dec 2008.

CEIC calculates quarterly Household Debt as % of Nominal GDP from monthly Household Debt and quarterly Nominal GDP. The People's Bank of China provides Household Debt in local currency. The National Bureau of Statistics provides year-to-date Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics.


Related information about China Household Debt: % of GDP

• In the latest reports, China Household Debt reached 10,834.1 USD bn in Jun 2023.
• Money Supply M2 in China increased 11.6 % YoY in May 2023.
• China Foreign Exchange Reserves was measured at 3,193.0 USD bn in Jun 2023.
• The Foreign Exchange Reserves equaled 14.9 Months of Import in Jun 2023.
• China Domestic Credit reached 43,669.0 USD bn in Jun 2023, representing an increased of 10.8 % YoY.
• The country's Non Performing Loans Ratio stood at 1.6 % in Mar 2023, compared with the ratio of 1.6 % in the previous quarter.

Loans to Private Sector in China increased to 835407.71 CNY Hundred Million in August from 835104.95 CNY Hundred Million in July of 2025. This dataset provides - China Loans To Private Sector - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of July 2019, the ratio of debt owed by non-financial corporates in local currency to GDP in China was at 148.4 percent. 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.

China Local Government Debt Outstanding: Financing Platform data was reported at 4,971,068.000 RMB mn in 2010. China Local Government Debt Outstanding: Financing Platform data is updated yearly, averaging 4,971,068.000 RMB mn from Dec 2010 (Median) to 2010, with 1 observations. The data reached an all-time high of 4,971,068.000 RMB mn in 2010 and a record low of 4,971,068.000 RMB mn in 2010. China Local Government Debt Outstanding: Financing Platform 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.

Graph and download economic data for Net Issues of International Debt Securities for Issuers in Other Financial Corporations, All Maturities, Nationality of Issuer in China (DISCONTINUED) (IDSGFCAMNINICN) from Q1 1987 to Q2 2015 about issues, finance companies, companies, finance, China, maturity, debt, financial, Net, and securities.

This statistic shows the debt financing distribution of ** listed real estate companies in China in 2017 and 2018, sorted by form. Some of China's leading real estate companies were selected for the monitoring research. In 2018, nearly half of the debt financing amount was raised through corporate debt, while the amount from entrusted loans accounted only for around *** percent that year.

CN: External Debt: NFL: Net Financial Flows: Regional Development Bank (RDB) Non-Concessional data was reported at -17.223 USD mn in 2023. This records a decrease from the previous number of 234.824 USD mn for 2022. CN: External Debt: NFL: Net Financial Flows: Regional Development Bank (RDB) Non-Concessional data is updated yearly, averaging 560.572 USD mn from Dec 1988 (Median) to 2023, with 36 observations. The data reached an all-time high of 1.223 USD bn in 2011 and a record low of -1.348 USD bn in 2003. CN: External Debt: NFL: Net Financial Flows: Regional Development Bank (RDB) Non-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: Net Flows and Net Transfers: Annual. Net financial flows received by the borrower during the year are disbursements of loans and credits less repayments of principal. Nonconcessional financial flows cover all disbursements except those made through concessional lending facilities. Regional development banks are the African Development Bank, in Tunis, Tunisia, which serves all of Africa, including North Africa; the Asian Development Bank, in Manila, Philippines, which serves South and Central Asia and East Asia and Pacific; the European Bank for Reconstruction and Development, in London, United Kingdom, which serves Europe and Central Asia; and the Inter-American Development Bank, in Washington, D.C., which serves the Americas. Aggregates include amounts for economies not specified elsewhere. Data are in current U.S. dollars.