National debt of China

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The national debt (or government debt) of the People's Republic of China is the total amount of money owed by the central government, local governments, government branches and state organizations of China. According to the International Monetary Fund, general government debt amounted to 77% of GDP in 2022. Large-scale infrastructure construction in China has been debt-financed through the use of local government financing vehicles (LGFVs) that borrow from banks and issue corporate bonds known as "urban construction and investment bonds" or "chengtou" bonds. Standard & Poor's Global Ratings has stated Chinese local governments may have an additional CN¥ 40 trillion ($5.8 trillion) in off-balance sheet debt. Debt owed by state-owned industrial firms is another 74% of GDP according to the International Monetary Fund. The three government-owned banks (China Development Bank, Agricultural Development Bank of China and Exim Bank of China) owe a further 29% of GDP. China's debt level increased...

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