Bank employee counts Yuan at a bank in Nantong, Jiangsu Province (Photo: Agence France-Presse/Getty Images)
INDO-PACIFIC
China’s Debt-to-GDP Ratio Increased to New Record in 2023
China's debt-to-GDP ratio increased to a record high of 287.8 percent in 2023, according to a quarterly report published by a state-backed think tank, the National Institution for Finance and Development (NIFD). The 2023 number represents a 13.5 percent increase from the 2022 debt-to-ratio number of 274.3 percent.