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As at the end of March 2025, China recorded RMB 17.5967 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2451.4 billion, 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 7424.8 billion (equivalent to USD 1034.4 billion), accounting for 42 percent; while the outstanding short-term external debt was RMB 10171.9billion (equivalent to USD 1417.0 billion), taking up 58 percent,of which 33 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2906.2 billion (equivalent to USD 404.9 billion), accounting for 16 percent; the outstanding debt of the central bank totaled RMB 807.7 billion (equivalent to USD 112.5billion), accounting for 5 percent; the outstanding debt of banks totaled RMB 7714.3 billion (equivalent to USD 1074.7 billion), accounting for 44 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6168.5 billion (equivalent to USD 859.3 billion), accounting for 35 percent. In terms of debt instruments, the balance of loans was RMB 2358.5 billion (equivalent to USD 328.5 billion), accounting for 13 percent; the outstanding trade credits and advances was RMB 2690.4 billion (equivalent to USD 374.8 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3390.1 billion (equivalent to USD 472.3 billion), accounting for 19 percent; the outstanding debt securities was RMB 6235.2 billion (equivalent to USD 868.6 billion), accounting for 36 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 345.3 billion (equivalent to USD 48.1billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1710.3 billion (equivalent to USD 238.3 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 866.9 billion (equivalent to USD 120.8 billion), accounting for 5 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 9163.4 billion (equivalent to USD 1276.6billion), accounting for 52 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 8433.3 billion (equivalent to USD 1174.8 billion), accounting for 48 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 81 percent, the Euro debt accounted for 7 percent, the JPY debt accounted for 5 percent, the HKD debt accounted for 4 percent, the SDR and other foreign currency-denominated external debt accounted for 3 percent. Since all major external debt indicators were within the internationally recognized thresholds, China's external debt risk is under control. Appendix Definitionof terms and interpretations External debt classificationby 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., ba nks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of March 2025 End of March 2025 End of March 2025 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 29062 4049 Short-term 1247 174 Currency and deposits 0 0 Debt securities 1247 174 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27815 3875 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24079 3355 Loans 3736 520 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 8077 1125 Short-term 3036 423 Currency and deposits 1135 158 Debt securities 1901 265 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 5041 702 Special drawing rights (allocations) 3453 481 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 1588 221 Other Depository Corporations 77143 10747 Short-term 62294 8678 Currency and deposits 32756 4563 Debt securities 16245 2263 Loans 12896 1797 Trade credit and advances 0 0 Other debt liabilities 397 55 Long-term 14849 2069 Currency and deposits 0 0 Debt securities 11319 1577 Loans 3448 480 Trade credit and advances 0 0 Other debt liabilities 82 12 Other Sectors 44582 6211 Short-term 31414 4376 Currency and deposits 9 1 Debt securities 235 33 Loans 1100 153 Trade credit and advances 26433 3682 Other debt liabilities 3637 507 Long-term 13168 1835 Currency and deposits 0 0 Debt securities 7326 1021 Loans 2405 335 Trade credit and advances 471 66 Other debt liabilities 2966 413 Direct Investment: Intercompany Lending 17103 2382 Debt liabilities of direct investment enterprises to direct investors 9214 1284 Debt liabilities of direct investors to direct investment enterprises 1403 195 Debt liabilities to fellow enterprises 6486 903 Gross External Debt Position 175967 24514 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2025-06-27/en/2025/0627/2317.html
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6月24日，江苏省银行外汇业务和跨境人民币自律机制在镇江开展“聚焦外汇金融 共筑外贸新篇”宣讲活动，镇江全辖近80家重点外贸企业参加会议。 镇江市分行党委委员、副行长孙懿出席会议并讲话，外汇管理一科解读优质企业贸易外汇收支便利化试点政策，国际收支科宣导企业汇率风险中性理念，宏观审慎科进行跨境人民币政策宣讲；金杜律师事务所合伙人提示了新形势下企业出海法律风险；江苏省自律机制专家分析了贸易争端下的汇率市场并介绍了保值策略。 下一步，镇江市分局将继续加大政策宣导，全力推动跨境贸易投资高水平开放试点增量扩面，持续加大汇率避险政策供给，积极为银企合作搭建平台，致力推动全市涉外经济高质量发展。 2025-06-27/jiangsu/2025/0627/1091.html
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