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.
