The State Administration of Foreign Exchange stated that China's external debt scale remains generally stable, with continued improvement in its structure and a high degree of safety. Over the past three years, China's external debt has basically remained between $2.3 trillion and $2.5 trillion. By the end of the first quarter of 2026, the share of RMB external debt reached 55%, an increase of 10 percentage points compared with the end of 2022; the proportion of medium- and long-term external d

The State Administration of Foreign Exchange: The overall scale of China's external debt has remained stable, with continuous structural optimization and a high level of security. Over the past three years, China's external debt has been basically stable between $230 billion and $250 billion. As of the end of the first quarter of 2026, the proportion of RMB-denominated external debt stood at 55%, up 10 percentage points from the end of 2022; the proportion of medium- and long-term external debt remained above 40%, significantly reducing risks related to maturity and currency mismatches. By the end of 2025, China's liability ratio, debt ratio, debt service ratio, and the ratio of short-term external debt to foreign exchange reserves were 11.9%, 56.3%, 6.2%, and 39.2%, respectively, all of which are significantly below international safety thresholds.