The State Administration of Foreign Exchange (SAFE) has recently released China's external debt data at the end of March 2026. SAFE Deputy Administrator and Press Spokesperson Li Bin answered media questions on related issues.
Q: How do you assess China’s external debt situation in the first quarter of 2026?
A: In the first quarter of 2026, China’s external debt situation remained generally stable. First, the size of external debt increased slightly while remaining stable overall. As of the end of March 2026, China's outstanding external debt, at full caliber and including both domestic and foreign currencies, stood at USD 2.4121 trillion, up by USD 83.3 billion, or 4%, from the end of 2025. This was mainly due to relatively active cross-border trade and other factors, which led to increases in non-resident deposits and enterprises' trade credit, among others. Second, the currency composition and maturity structure of external debt remained broadly stable. In terms of currency composition, domestic-currency external debt accounted for 55%, unchanged from the end of 2025. In terms of maturity structure, medium-and long-term external debt accounted for 41%, down by 2 percentage points from the end of 2025.