Government gross debt in China

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: 104.4% 2027: 109.1% 2028: 113.2% 2029: 116.4% 2030: 119.5% 2031: 122.1%

21.6 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	21.6
Jan 1998	20.4
Jan 1997	20.4
Jan 1996	21.2
Jan 1995	21.4

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

China's government debt is the total liabilities owed by the public sector to its creditors. It is expressed in absolute terms and, above all, as a share of GDP to assess sustainability. Official figures come from the Ministry of Finance, supplemented by IMF estimates.

How it's calculated

It is compiled by summing the liabilities of the central government and local governments. In China's case, the debt of local government financing vehicles (LGFVs) is especially relevant, swelling effective borrowing beyond the official figure. The ratio relates the stock to GDP.

Market implications

A high or rising debt level bears on the sustainability of public finances and the room for fiscal stimulus. In China, markets focus above all on hidden local-government and property-sector debt as the main domestic financial risk, with knock-on effects for the yuan and appetite for Asian assets.

Limitations

It is a low-frequency figure with contested coverage: the official number tends to sit well below broad-debt estimates that include LGFVs. The ratio to GDP also depends on nominal GDP, so it can move without any change in borrowing.