By the end of 2025, China's total external debt slightly decreased by 0.7%, with the proportion of local currency external debt rising to 55.5%.

WealthCoffee · 2026-03-29T03:52:09+00:00

By the end of 2025, China's total external debt balance is projected to reach $2.3288 trillion, a slight decrease of 0.7% compared to 2024. External debt risk indicators have also improved, with the external debt-to-GDP ratio at 11.9%. Both the debt ratio and debt burden are below international red lines, indicating relatively prudent external debt management.

WealthCoffee

2026-03-29 03:52:09

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【Caixin Global】 In 2025, how has China’s external debt composition changed?

On March 27, the State Administration of Foreign Exchange released China’s comprehensive external debt data. The figures show that, as of the end of 2025, China’s comprehensive outstanding external debt—denominated in both foreign and local currencies—was $2,328.8 billion, which was basically unchanged from the end of 2024, with a slight decrease of 0.7%.

Accordingly, indicators for measuring external debt risk also edged down. As of the end of 2025, the ratio of China’s external debt balance to GDP was 11.9%. The external debt liability ratio fell by 0.5 percentage points year over year, remaining below the international red line of 20%. The ratio of China’s external debt balance to trade export earnings was 56.3%; the debt service ratio declined by 4.3 percentage points year over year, staying below the international red line of 100%. The ratio of principal and interest payments on external debt to trade export earnings—i.e., the debt service coverage ratio—was 6.2% as of the end of 2025, also below the international red line of 20%.

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