State Administration of Foreign Exchange capital-account director Xiao Sheng said China's external debt has remained broadly stable, averaging about $2.3–2.5 tln over the past three years. At end-Q1 2026 total external debt on an all-scope basis was $2.41 tln, up quarter-on-quarter. SAFE said the increase was mainly driven by higher deposits from foreign institutions in China, greater external borrowing by domestic entities as financing needs rose, and faster trade growth boosting trade-related

State Administration of Foreign Exchange capital-account director Xiao Sheng said China's external debt has remained broadly stable, averaging about $2.3–2.5 tln over the past three years. At end-Q1 2026 total external debt on an all-scope basis was $2.41 tln, up quarter-on-quarter. SAFE said the increase was mainly driven by higher deposits from foreign institutions in China, greater external borrowing by domestic entities as financing needs rose, and faster trade growth boosting trade-related financing.