全球债务余额324万亿美元，创新高

Group 1 - The core viewpoint of the articles highlights a significant increase in government debt in China, with the debt-to-GDP ratio expected to reach 100% by the end of 2025, up from less than 60% in 2019 before the COVID-19 pandemic [1] - As of March 2025, global debt has surged to a record high of $324 trillion, marking a 4% increase from $313 trillion in March 2024, indicating a broader trend of rising debt levels worldwide [1] - The International Institute of Finance (IIF) anticipates that government debt will continue to rise, driven by supportive economic policies from central banks, including the Federal Reserve, European Central Bank, and the People's Bank of China [1] Group 2 - The IIF has expressed concerns regarding the increasing U.S. government debt, noting that tariff measures and spending cuts by the Department of Efficiency (DOGE) will not sufficiently fund large-scale tax cuts, leading to a sharp increase in U.S. Treasury issuance [2] - Additionally, the IIF warns of heightened volatility risks in financial markets as a consequence of these debt increases [2]