The graph shows national debt in China related to gross domestic product until 2023, with forecasts to 2029. In 2023, gross national debt ranged at around 84 percent of the national gross domestic product.
The debt-to-GDP ratio
In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2023, the estimated national debt of Japan amounted to about 255 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate.
Development in China
China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.
National debt in relation to gross domestic product (GDP) in China from 2010 to 2023 with forecasts until 2029
Characteristic
National debt to GDP ratio
2029*
111.14%
2028*
106.59%
2027*
102.09%
2026*
97.75%
2025*
93.85%
2024*
90.12%
2023
84.38%
2022
77.39%
2021
71.85%
2020
70.16%
2019
60.4%
2018
56.66%
2017
54.95%
Created with Highcharts 7.2.2National debt to GDP ratio33.92%33.92%33.77%33.77%34.39%34.39%37.04%37.04%39.97%39.97%41.49%41.49%50.7%50.7%54.95%54.95%56.66%56.66%60.4%60.4%70.16%70.16%71.85%71.85%77.39%77.39%84.38%84.38%90.12%90.12%93.85%93.85%97.75%97.75%102.09%102.09%106.59%106.59%111.14%111.14%201020112012201320142015201620172018201920202021202220232024*2025*2026*2027*2028*2029*
30%40%50%60%70%80%90%100%110%120%
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IMF. (October 22, 2024). National debt in relation to gross domestic product (GDP) in China from 2010 to 2023 with forecasts until 2029 [Graph]. In Statista. Retrieved February 17, 2025, from https://www.statista.com/statistics/270329/national-debt-of-china-in-relation-to-gross-domestic-product-gdp/
IMF. "National debt in relation to gross domestic product (GDP) in China from 2010 to 2023 with forecasts until 2029." Chart. October 22, 2024. Statista. Accessed February 17, 2025. https://www.statista.com/statistics/270329/national-debt-of-china-in-relation-to-gross-domestic-product-gdp/
IMF. (2024). National debt in relation to gross domestic product (GDP) in China from 2010 to 2023 with forecasts until 2029. Statista. Statista Inc.. Accessed: February 17, 2025. https://www.statista.com/statistics/270329/national-debt-of-china-in-relation-to-gross-domestic-product-gdp/
IMF. "National Debt in Relation to Gross Domestic Product (Gdp) in China from 2010 to 2023 with Forecasts until 2029." Statista, Statista Inc., 22 Oct 2024, https://www.statista.com/statistics/270329/national-debt-of-china-in-relation-to-gross-domestic-product-gdp/
IMF, National debt in relation to gross domestic product (GDP) in China from 2010 to 2023 with forecasts until 2029 Statista, https://www.statista.com/statistics/270329/national-debt-of-china-in-relation-to-gross-domestic-product-gdp/ (last visited February 17, 2025)
National debt in relation to gross domestic product (GDP) in China from 2010 to 2023 with forecasts until 2029 [Graph], IMF, October 22, 2024. [Online]. Available: https://www.statista.com/statistics/270329/national-debt-of-china-in-relation-to-gross-domestic-product-gdp/
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