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China Debt to GDP Ratio

China's government debt to GDP ratio hit a record 88.3% in 2024, up from 82% in 2023. This increase stems from fiscal stimulus including higher local government debt limits and special bond issuances to manage local government financing vehicle debt. Deflationary pressures also raised the macro leverage ratio. The government is increasing its deficit and special local government bond quotas. China's record low government debt to GDP was 20.6% in 1997 and record high was 88.3% in 2024.

Yearly Historical Data (1995-2024)

(in %)
Year Debt to GDP Ratio
2024 88.3%
2023 82%
2022 75.5%
2021 70.1%
2020 69%
2019 59.4%
2018 55.6%
2017 53.9%
2016 49.7%
2015 40.8%
2014 40%
2013 37%
2012 34.4%
2011 33.8%
2010 33.9%
2009 34.6%
2008 27.2%
2007 29.2%
2006 25.6%
2005 26.3%
2004 26.4%
2003 26.8%
2002 25.9%
2001 24.6%
2000 23%
1999 21.9%
1998 20.7%
1997 20.6%
1996 21.4%
1995 21.6%
China Debt to GDP Ratio : Definition
China's government debt to GDP shows the ratio of government debt to the country's gross domestic product. It's calculated by dividing total government debt by GDP. Higher ratios can signal fiscal strain.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio 2.2% 1.5% Dec'24
Loan Prime Rate 3% 3% Oct'25
Private Credit (% GDP) 194.17% 189.61% 2024