Core Insights - As of June 30, 2025, China's total external debt (including both domestic and foreign currency) stands at 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 shown marginal improvement, with long-term debt accounting for 42% and short-term debt for 58% [3] Debt Structure - Long-term external debt amounts to 740.09 billion RMB (approximately 103.39 billion USD), representing 42% of the total [1] - Short-term external debt totals 1,004.28 billion RMB (approximately 140.29 billion USD), with trade-related credit making up 34% of this amount [1] - Government external debt is 301.66 billion RMB (approximately 42.14 billion USD), accounting for 17% [1] - Bank external debt is 751.26 billion RMB (approximately 104.95 billion USD), making up 43% [1] - Other sectors' external debt, including inter-company loans, is 626.24 billion RMB (approximately 87.48 billion USD), which is 36% [1] Debt Instruments - Loans constitute 23.12 billion RMB (approximately 3.23 billion USD), or 13% of the total external debt [2] - Trade credit and prepayments amount to 27.35 billion RMB (approximately 3.82 billion USD), representing 16% [2] - Currency and deposits total 33.99 billion RMB (approximately 4.75 billion USD), accounting for 19% [2] - Debt securities are valued at 60.88 billion RMB (approximately 8.50 billion USD), making up 35% [2] - Special Drawing Rights (SDR) allocation is 35.61 billion RMB (approximately 4.97 billion USD), or 2% [2] Currency Structure - Domestic currency external debt is 90.80 billion RMB (approximately 12.68 billion USD), representing 52% of the total [2] - Foreign currency external debt (including SDR allocation) is 83.64 billion RMB (approximately 11.68 billion USD), accounting for 48% [2] - Among foreign currency debts, USD debt constitutes 79%, Euro debt 8%, and JPY debt 4% [2]

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]

Core Viewpoint - The speech by Sun Puyang emphasizes the importance of maintaining national debt security and highlights that China's external debt levels are manageable compared to other major economies, remaining within internationally recognized safety lines [1] Group 1: External Debt Management - China’s external debt scale is not prominent and is considered controllable [1] - Continuous attention to external debt risks is necessary, particularly for key enterprises and industries [1] - There is a need for timely intervention and assessment for enterprises with excessively high external debt ratios [1] Group 2: Sector-Specific Risks - Special focus is required on the external debt risk management of state-owned enterprises [1] - The financing of cyclical industries, such as real estate, should be closely monitored [1] - A comprehensive monitoring mechanism for international financing should be established to balance convenience and security [1]