According to the latest data from the People’s Bank of China, the country’s outstanding government debt reached 100.6 trillion yuan (US$14 trillion) at the end of May 2026, surpassing the 100 trillion yuan mark for the first time.
Official figures show that China’s government debt balance stood at 46.55 trillion yuan at the end of 2020 and rose to 92.6 trillion yuan by the end of 2024. The latest figure represents an increase of more than 100 percent in just over five years.
Analysts attribute the rapid growth primarily to Beijing’s efforts to counter economic slowdown through expansionary fiscal policies. In recent years, authorities have increased government borrowing to fund infrastructure, public welfare, and other major projects. At the same time, local governments have issued large volumes of bonds to replace off-balance-sheet liabilities, bringing previously hidden debt onto official balance sheets and contributing to the sharp rise in reported government debt.
Some analysts caution that the true level of government-related debt may be substantially higher, since the official figures do not fully capture all local government financing vehicles, contingent liabilities, and other off-balance-sheet obligations.
Source: Lianhe Zaobao, June 14, 2026
https://www.zaobao.com.sg/finance/china/story20260614-9204091