Group 1 - As of September 2025, China's total external debt stands at 168,287 billion RMB (equivalent to 23,684 billion USD), excluding external liabilities from Hong Kong, Macau, and Taiwan [1] - The structure of external debt shows that medium- and long-term debt accounts for 42% (71,511 billion RMB or 10,064 billion USD), while short-term debt makes up 58% (96,776 billion RMB or 13,620 billion USD) [1] - Among short-term external debt, trade-related credit constitutes 36% [1] Group 2 - By institutional sector, the broad government external debt is 28,563 billion RMB (4,020 billion USD), representing 17%; central bank external debt is 7,454 billion RMB (1,049 billion USD), accounting for 4%; bank external debt is 69,198 billion RMB (9,739 billion USD), making up 41%; and other sectors (including inter-company loans) have an external debt of 63,072 billion RMB (8,876 billion USD), which is 38% [1] - In terms of debt instruments, loans amount to 21,934 billion RMB (3,087 billion USD), representing 13%; trade credit and prepayments total 28,443 billion RMB (4,003 billion USD), accounting for 17%; currency and deposits are 33,526 billion RMB (4,719 billion USD), making up 20%; debt securities are 55,417 billion RMB (7,799 billion USD), which is 33%; Special Drawing Rights (SDR) allocation is 3,527 billion RMB (496 billion USD), representing 2%; inter-company loans total 16,799 billion RMB (2,364 billion USD), accounting for 10%; and other debt liabilities are 8,641 billion RMB (1,216 billion USD), which is 5% [2] Group 3 - The currency structure indicates that domestic currency debt is 87,394 billion RMB (12,299 billion USD), accounting for 52%; foreign currency debt (including SDR allocation) is 80,893 billion RMB (11,385 billion USD), making up 48% [2] - Within the foreign currency registered external debt, USD debt constitutes 78%, EUR debt is 9%, JPY debt is 4%, HKD debt is 5%, and SDR and other foreign currency debts together account for 4% [2] - Key indicators of China's external debt remain within internationally recognized safety lines, indicating that the overall risk of external debt is manageable [3]

Group 1 - The total external debt of China as of September 2025 is 168,287 billion RMB (equivalent to 23,684 billion USD), excluding external liabilities from Hong Kong, Macau, and Taiwan [1] - The structure of external debt shows that medium to long-term debt accounts for 42% (71,511 billion RMB or 10,064 billion USD), while short-term debt accounts for 58% (96,776 billion RMB or 13,620 billion USD) [1] - Among short-term external debt, trade-related credit constitutes 36% [1] Group 2 - The breakdown of external debt by institutional sector indicates that broad government debt is 28,563 billion RMB (4,020 billion USD), accounting for 17%; central bank debt is 7,454 billion RMB (1,049 billion USD), accounting for 4%; bank debt is 69,198 billion RMB (9,739 billion USD), accounting for 41%; and other sectors (including inter-company loans) account for 38% with 63,072 billion RMB (8,876 billion USD) [1] - In terms of debt instruments, loans amount to 21,934 billion RMB (3,087 billion USD), trade credit and prepayments total 28,443 billion RMB (4,003 billion USD), currency and deposits are 33,526 billion RMB (4,719 billion USD), debt securities are 55,417 billion RMB (7,799 billion USD), and other debt liabilities total 8,641 billion RMB (1,216 billion USD) [2] - The currency structure shows that domestic currency debt is 87,394 billion RMB (12,299 billion USD), accounting for 52%, while foreign currency debt (including SDR allocation) is 80,893 billion RMB (11,385 billion USD), accounting for 48% [2] Group 3 - The major indicators of China's external debt remain within internationally recognized safety lines, indicating that the overall risk of external debt is manageable [2]

Core Insights - As of September 30, 2025, China's total external debt (including both domestic and foreign currencies) amounts to 168,287 billion RMB (approximately 23,684 billion USD) [2][7] Debt Structure - The long-term external debt stands at 71,511 billion RMB (approximately 10,064 billion USD), accounting for 42% of the total, while short-term external debt is 96,776 billion RMB (approximately 13,620 billion USD), making up 58% [2][3] - Among short-term external debt, trade-related credit constitutes 36% [2] Institutional Breakdown - The broad government external debt is 28,563 billion RMB (approximately 4,020 billion USD), representing 17% of the total [2] - The central bank's external debt is 7,454 billion RMB (approximately 1,049 billion USD), which is 4% [2] - Bank external debt totals 69,198 billion RMB (approximately 9,739 billion USD), accounting for 41% [2] - Other sectors (including inter-company loans) have an external debt of 63,072 billion RMB (approximately 8,876 billion USD), which is 38% [2] Debt Instruments - Loans amount to 21,934 billion RMB (approximately 3,087 billion USD), making up 13% of the total [3] - Trade credit and prepayments total 28,443 billion RMB (approximately 4,003 billion USD), accounting for 17% [3] - Currency and deposits stand at 33,526 billion RMB (approximately 4,719 billion USD), which is 20% [3] - Debt securities total 55,417 billion RMB (approximately 7,799 billion USD), representing 33% [3] - Special Drawing Rights (SDR) allocation is 3,527 billion RMB (approximately 496 billion USD), which is 2% [3] Currency Composition - Domestic currency external debt is 87,394 billion RMB (approximately 12,299 billion USD), accounting for 52% [3] - Foreign currency external debt (including SDR allocation) is 80,893 billion RMB (approximately 11,385 billion USD), making up 48% [3] - Within the foreign currency debt, USD debt constitutes 78%, Euro debt 9%, and JPY debt 4% [3]

Core Insights - As of June 30, 2025, China's total external debt reached 17.44 trillion RMB (approximately 2.44 trillion USD), showing a slight decrease of 0.6% from March 2025 [3] - The structure of external debt has improved marginally, with long-term debt accounting for 42.4% and domestic currency debt making up 52.1% of the total [3] Debt Composition - The total external debt consists of 74,009 billion RMB (10,339 billion USD) in long-term debt (42%) and 100,428 billion RMB (14,029 billion USD) in short-term debt (58%) [1] - Among short-term debt, trade-related credit constitutes 34% [1] - By debt instruments, debt securities account for 60,875 billion RMB (8,504 billion USD), making up 35% of the total [2] Institutional Breakdown - The external debt by institutional sector includes: - Government debt at 30,166 billion RMB (4,214 billion USD), 17% of total - Central bank debt at 6,521 billion RMB (911 billion USD), 4% of total - Bank debt at 75,126 billion RMB (10,495 billion USD), 43% of total - Other sectors (including inter-company loans) at 62,624 billion RMB (8,748 billion USD), 36% of total [1] Currency Structure - The currency composition shows domestic currency debt at 90,801 billion RMB (12,685 billion USD), 52% of total, while foreign currency debt (including SDR) is at 83,636 billion RMB (11,683 billion USD), 48% of total [2] - Within foreign currency debt, USD accounts for 79%, Euro for 8%, and JPY for 4% [2]

Core Viewpoint - The State Administration of Foreign Exchange of China reported the total external debt data as of June 30, 2025, indicating a manageable level of external debt risk for the country [1] Summary by Categories Total External Debt - As of June 30, 2025, China's total external debt (including both domestic and foreign currencies) amounted to 174,437 billion RMB, equivalent to 24,368 billion USD [1] Debt Structure - The long-term external debt balance was 74,009 billion RMB, or 10,339 billion USD, accounting for 42% of the total external debt - The short-term external debt balance was 100,428 billion RMB, or 14,029 billion USD, making up 58% of the total external debt [1] Trade-Related Debt - Within the short-term external debt, trade-related credit constituted 34% [1] Risk Assessment - All major indicators of China's external debt remain within internationally recognized safety lines, indicating that the overall risk of external debt is controllable [1]

Core Insights - As of March 2025, China's total external debt reached 175,967 billion RMB (approximately 24,514 billion USD), excluding external liabilities from Hong Kong, Macau, and Taiwan [1] - The structure of external debt shows that short-term debt accounts for 58% (101,719 billion RMB or 14,170 billion USD), while medium to long-term debt constitutes 42% (74,248 billion RMB or 10,344 billion USD) [1] - The overall external debt risk in China is considered manageable and within internationally recognized safety lines [3] Debt Structure - The breakdown of external debt by institutional sector reveals that bank external debt is the largest at 77,143 billion RMB (approximately 10,747 billion USD), making up 44% of the total [1] - Other sectors include government external debt at 29,062 billion RMB (4,049 billion USD) or 16%, and other departments (including inter-company loans) at 61,685 billion RMB (8,593 billion USD) or 35% [1] - The currency composition indicates that domestic currency debt is 91,634 billion RMB (12,766 billion USD), accounting for 52%, while foreign currency debt totals 84,333 billion RMB (11,748 billion USD), making up 48% [2] Debt Instruments - The types of debt instruments show that debt securities represent the largest share at 62,352 billion RMB (8,686 billion USD), which is 36% of the total external debt [2] - Trade credit and prepayments amount to 26,904 billion RMB (3,748 billion USD), accounting for 15%, while loans total 23,585 billion RMB (3,285 billion USD), representing 13% [2] - Special Drawing Rights (SDR) allocations are recorded at 3,453 billion RMB (481 billion USD), which is 2% of the total external debt [2]