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]