By the end of 2025, China's total external debt slightly decreased by 0.7%, with the proportion of local currency external debt rising to 55.5%.

WealthCoffee · 2026-03-30T04:28:31+00:00

By the end of 2025, China's total external debt balance is projected to reach $2.3288 trillion, a slight decrease of 0.7% compared to 2024. External debt risk indicators have also improved, with the external debt-to-GDP ratio at 11.9%. Both the debt ratio and debt burden are below international red lines, indicating relatively prudent external debt management.

WealthCoffee

2026-03-30 04:28:31

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[Caixin] What changes will occur in China’s external debt structure by 2025?

On March 27, the State Administration of Foreign Exchange released data on China’s comprehensive external debt, showing that by the end of 2025, China’s total external debt in both foreign and domestic currencies will amount to $2.3288 trillion, which is basically flat compared to the end of 2024, with a slight decrease of 0.7%.

Correspondingly, the indicators measuring external debt risk have also decreased slightly. By the end of 2025, the ratio of China’s external debt to gross domestic product (GDP) will be 11.9%, with the external debt liability ratio decreasing by 0.5 percentage points year-on-year, continuing to be below the international red line of 20%; the ratio of China’s external debt to trade export income will be 56.3%, with the debt ratio decreasing by 4.3 percentage points year-on-year, below the international red line of 100%; the ratio of external debt repayment amount to trade export income, which is the debt service ratio, will be 6.2% by the end of 2025, also below the international red line of 20%.

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