As at the end of 2025, China recorded RMB 16.3689 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2328.8billion,excluding those of Hong Kong SAR,Macao SAR, and Taiwan Province of China, the same below).

In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7112.8 billion (equivalent to USD 1011.9 billion), accounting for 44 percent; while the outstanding short-term external debt was RMB 9256.1 billion (equivalent to USD 1316.9 billion), taking up 56 percent, of which 39 percent was trade-related credit.

In terms of institutional sectors, the outstanding debt of general government totaled RMB 2557.0 billion (equivalent to USD 363.8 billion), accounting for 16 percent; the outstanding debt of the central bank totaled RMB 743.8 billion(equivalent to USD 105.8 billion), accounting for 4 percent; the outstanding debt of banks totaled RMB 6559.1 billion(equivalent to USD 933.2 billion), accounting for 40 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6509.0 billion (equivalent to USD 926.0 billion), accounting for 40 percent.

In terms of debt instruments, the balance of loans was RMB 2169.8 billion (equivalent to USD 308.7 billion), accounting for 13 percent; the outstanding trade credits and advances was RMB 2961.9 billion (equivalent to USD 421.4 billion), accounting for 18 percent; the outstanding currency and deposits was RMB 3323.5 billion (equivalent to USD 472.8 billion), accounting for 20 percent; the outstanding debt securities was RMB 4819.3 billion (equivalent to USD 685.7 billion), accounting for 30 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 348.5 billion (equivalent to USD 49.6 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 2004.8 billion (equivalent to USD 285.2 billion), accounting for 12 percent; and the balance of other debt liabilities was RMB 741.1 billion (equivalent to USD 105.4 billion), accounting for 5 percent.

With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 9082.5 billion (equivalent to USD 1292.2 billion), accounting for 55 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 7286.4 billion (equivalent to USD 1036.6 billion), accounting for 45percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 76 percent, the Euro debt accounted for 9 percent, the JPY debt accounted for 4 percent, the HKD debt accounted for 6 percent，the SDR and other foreign currency-denominated external debt accounted for 5 percent.

As at the end of 2025，the liability ratio was 11.9 percent, the debt ratio was 56.3 percent, the debt servicing ratio was 6.2 percent, and the ratio of short-term external debt to foreign exchange reserves was 39.2 percent. China’s major external debt indicators were all within the internationally recognized thresholds, indicating that the external debt risk is controllable.

Appendix

Definition of terms and interpretations

External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less; the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity.

Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition, trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions, specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter)for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers.

Liability ratio refers to the ratio of outstanding external debt as of the end of the year tothe GDP for the year. Debt ratio refers to the ratio of the outstanding external debt as of the end of the year to the export revenue from trade in goods and services for the year. Debt servicing ratio refers to the ratio of the repayment of the principal and payment of interest on external debt for the year (the sum of the repayment of the principal and payment of interest on medium- and long-term external debt and the payment of the interest of short-term external debt) to the export revenue from trade in goods and services for the year. The internationally recognized thresholds for external debt risk indicators - liability ratio, debt ratio, debt servicing ratio and ratio of short-term external debt to foreign exchange reserves are 20 percent,100 percent, 20 percent and 100 percent respectively.