SAFE capital-account director Xiao Sheng said China’s external debt stock has
remained around $2.3–2.5 tln over the past three years. At end‑Q1 2026,
RMB‑denominated external debt accounted for 55% of the total, up 10 percentage
points from end‑2022. The share of medium‑ and long‑term external debt is stable
above 40%, and currency and maturity mismatch risks have fallen materially. At
end‑2025, China’s liability ratio, debt ratio, debt‑service ratio and the ratio
of short‑term external debt to FX reserves were 11.9%, 56.3%, 6.2% and 39.2%
respectively, all well below international safety warning levels.
