Government net lending/borrowing in China

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -8.2% 2027: -8.4% 2028: -8.2% 2029: -8.0% 2030: -8.0% 2031: -8.0%

-2.3 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	-2.3
Jan 1998	-1.1
Jan 1997	-0.7
Jan 1996	-0.7
Jan 1995	-0.9
Jan 1994	-1.7
Jan 1993	-0.9
Jan 1992	-1.2
Jan 1991	-1.0
Jan 1990	-0.7

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

The government deficit is the shortfall in China's public accounts when spending exceeds revenue over the year. The official gauge is the general public budget balance, though the augmented deficit also captures local government financing and government fund budgets.

How it's calculated

It is the gap between government revenue and spending, published by the Ministry of Finance and set against GDP. The annual deficit target is announced at the Two Sessions and is typically framed around 3% of GDP for the general budget.

Market implications

The deficit signals Beijing's room for fiscal stimulus, a key driver of growth amid property weakness and soft domestic demand. A wider-than-expected target or outturn is read as stronger support for the economy and can move commodities and Asian assets.

Limitations

It is a low-frequency figure, and the general budget balance understates the true fiscal impulse, much of which runs through local governments and off-budget funds. Comparability with international standards is limited.