多重因素推动3月末外债规模企稳回升

Group 1 - The core viewpoint is that China's external debt has shown a slight increase in the first quarter of 2025, with a total external debt balance of $24,514 billion, reflecting a growth of $316 billion or 1.3% compared to the end of 2024 [1] - The currency structure of external debt has improved, with domestic currency debt accounting for 52%, an increase of 2.0 percentage points from the end of 2024 [1] - The maturity structure remains stable, with medium to long-term external debt accounting for 42%, a decrease of 1.7 percentage points from the end of 2024 [1] Group 2 - Multiple factors are contributing to the stabilization and recovery of external debt, including complex changes in the international situation and a positive trend in domestic economic performance [1] - The attractiveness of RMB-denominated bonds has increased, leading to a rise in foreign investment in these assets [1] - It is anticipated that China's external debt scale will remain stable, supported by steady economic growth, resilience in the domestic financial market, and ongoing efforts to enhance cross-border financing [2]