China’s Ministry of Finance reported that national government debt reached RMB 102.5 trillion (approximately US$15.27 trillion) by the end of 2025, pushing the overall debt ratio to 73.2 percent.
The figures were disclosed through “China Finance,” a WeChat account run by the finance ministry, which published a report delivered by Vice Finance Minister Lin Zechang to the Standing Committee of the 14th National People’s Congress on August 31. The report, titled “State Council Report on Government Debt Management for 2025,” detailed the country’s debt position covering both statutory and implicit debt.
Based on China’s preliminary 2025 GDP figure of RMB 140.2 trillion (approximately US$20.89 trillion), the statutory government debt ratio—measuring legally recognized government debt against GDP—stood at 68.5 percent. When local governments’ outstanding implicit debt is included, the ratio rises to 73.2 percent.
Statutory government debt, primarily bonds issued by central and provincial-level governments, totaled RMB 96 trillion (approximately US$14.30 trillion) as of year-end 2025. This included RMB 41.2 trillion (approximately US$6.14 trillion) in central government bonds and RMB 54.8 trillion (approximately US$8.16 trillion) in local government statutory debt.
Local governments’ outstanding implicit debt, after multiple rounds of auditing and debt swaps, stood at RMB 6.5 trillion (approximately US$968.5 billion) by the end of 2025. Beijing has continued efforts in recent years to resolve local debt risks, making the prevention of unauthorized new implicit debt a key priority in debt management.
The report stated that authorities will continue strengthening monitoring and oversight of government debt going forward, imposing strict accountability for violations such as newly created implicit debt, enhancing “penetrating” oversight of special bond projects, and firmly prohibiting misreporting of spending progress.
Source: Central News Agency (Taiwan), September 3, 2026
https://www.cna.com.tw/news/acn/202609030200.aspx