China's outstanding government debt has likely topped the 100 trillion yuan ($14.8 trillion) mark, though despite the scale, experts said the overall risk remains "safe and controllable" as the debt burden is moderate by global standards and funded projects are mainly quality assets.
According to the People's Bank of China, the country's central bank, the stock of government bonds stood at 99.37 trillion yuan at end-April.
By the end of May, data from Financial China Information and Technology Co showed the figure had climbed to about 101.15 trillion yuan, fueled by years of proactive bond issuance to counter economic headwinds and swap out hidden local debt.
Luo Zhiheng, chief economist at Yuekai Securities, said the country's debt-to-GDP ratio — the most widely used gauge of debt sustainability — stood at 68.2 percent at end-2025, well below that of major developed economies.
Japan's government debt-to-GDP ratio stands at above 200 percent, while the United States' national debt has reached roughly 120 percent of its GDP, said the International Monetary Fund.
