🇨🇳 China

Public Sector Debt · 2026

Total Debt

124.0%

of GDP

Global Rank

#15

of 192

Interest Burden

of govt revenue

S&P Rating

A+

Credit rating

SOE Debt

+53.0%

2 categories

Sovereign Wealth

16%

of GDP in SWF assets

5yr Change

+29pp

rising

Interest Cost

1.0%

of GDP (govt only)

Where the Debt Sits

National government

Regional & city governments

LGFVs

Other

National government: 30.0%Regional & city governments: 41.0%LGFVs: 37.0%Other: 16.0%

Who Holds This Debt

Holder Breakdown

Domestic 94%

Domestic: 94%Foreign: 6%

Currency Denomination

Local 99%

Local currency: 99%Foreign currency: 1%

Full Debt Breakdown

Central Government30.0% of GDP

Subnational / Regional41.0% of GDP

Local Govt Financing Vehicles37.0% of GDP

Other16.0% of GDP

SOE Corporate (aggregate)170.0% of GDP

Nonfinancial SOE corporate liabilitiesNIFD / SASAC / Global TimesTotal NF-SOE liabilities 260.5T CNY. Includes commercially viable SOEs (steel, shipping, construction, etc). The largest single component of China's 302% total debt ratio. Most is NOT in the IMF augmented figure.

170.0%

Household Debt63.0% of GDP

Household debt (mortgages + consumer)NIFD / PBOCMortgages ~38% GDP + consumer loans ~25% GDP. Relevant because government implicitly backstops banking system. Part of the 302% total figure.

63.0%

Unfunded Pension Liabilities130.0% of GDP

Public pension unfunded gap (basic pension + civil servants)Chinese Academy of Social Sciences 2019 / IMF Article IV estimatesCASS: pension fund depleted by 2035. Implicit pension debt est. 100-150% GDP. Using midpoint 130%. Covers basic pension (urban/rural) + civil servant pensions.

130.0%

State Bank Liabilities280.0% of GDP

State-owned bank liabilities (Big Four + policy banks)EY Listed Banks Report / PBOCICBC+CCB+ABC+BOC combined liabilities ~136T CNY. Plus CDB, ADBC, Exim Bank. Implicit government guarantee on all. NOT in any IMF debt figure.

280.0%

All Layers Total767.0%