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China debt

China debt
The latest news and features on China's debt, both local and national.
Premier Li Qiang is visible on a screen during the opening session of the National People’s Congress at the Great Hall of the People in Beijing on Thursday. Photo: Reuters
Two Sessions 2026

Why China is moving away from tax cuts and pushing for reform

Tax revenue is way below peer countries – and Beijing is pushing for change.

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Two Sessions 2026

China pledges ‘iron discipline’ to tackle debt as US borrowing surges

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Two Sessions 2026

China’s pivot from GDP obsession sparks cadre confusion, tests local governance

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Two Sessions 2026

China’s leaders outline economic focus ahead of ‘two sessions’ – what to expect

Top officials met ahead of Beijing’s annual legislative sessions, when this year’s growth target and five-year plan will be unveiled.

Beijing is gearing up for the “two sessions”, the annual legislative meetings of China’s two main political bodies – the National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference. Photo: EPA-EFE
Banking & finance

‘Stability risk’: US faces rising concern as global debt soars to record high

Global debt accumulation ‘accelerated sharply’ in 2025, driven by surging investment in the US, China and Europe, report finds.

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Two Sessions 2026

After years of ‘at-all-costs’ growth, China wants cadres to ditch GDP obsession

Five-month campaign seen prioritising social welfare and long-term sustainability over economic expansion, with debt, fraud and vanity projects in crosshairs.

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China's economic recovery

As Chinese provinces slash revenue outlook, analysts warn of debt control

Local governments seen curbing infrastructure spending as Beijing’s fiscal discipline pushes regions to prioritise social services and tech over large projects.

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An unfinished construction project is seen in China’s Anhui province. A number of local-level governments that lent to certain real estate and infrastructure projects have had trouble getting paid back amid a property slowdown. Photo: Getty Images
China consumption

China’s consumer spending push faces major challenge – debt-averse households

Beijing has renewed its focus on boosting domestic demand in recent months, but households are cutting debt at fastest pace in years.

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China's economic recovery

China tightens rail approvals as Xi warns on waste and ‘operational’ trouble

Intercity lines face stricter break-even rules, as the central government cracks down on ‘back-door’ metro projects and looks to curb redundant infrastructure spending.

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US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock
Banking & finance

China signals flexible use of monetary tools in 2026 to support 5-year plan

Boosting domestic demand, addressing debt risks and promoting yuan’s international use also priorities for coming year.

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The People’s Bank of China has announced a series of goals for 2026, from promoting cross-border yuan use to increasing domestic consumption and managing debt risks. Photo: Shutterstock
Infrastructure

No more empty trains: China tightens rules on subway expansions to curb debt

Rich hubs, including Ningbo and Suzhou, are hitting regulatory roadblocks as the central government prioritises fiscal discipline over infrastructure-led growth.

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Banking & finance

China to hide bad debt records for pandemic-hit borrowers who repay small loans

New policy by the People’s Bank of China applies to one-off debts up to 10,000 yuan incurred since 2020, aiming to help people rebuild credit.

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Mainland China

China orders local governments to settle company bills by end of year

Top planning official says repaying debts is ‘moral bottom line’ and biggest step for improving China’s business environment.

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Stories on Chinese social media about business owners arrested or harassed for seeking recovery of arrears, including one case involving a contractor who built schools and museums, have sparked widespread outrage. Photo: AFP
China GDP

IMF raises China growth forecast to 5% for 2025, citing resilience

The assessment is up from October’s forecast, with the fund citing government stimulus and lower tariffs as drivers.

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IMF Managing Director Kristalina Georgieva speaks at a press conference during the 2025 Spring Meetings of the World Bank Group and IMF in Washington, DC, the United States, on April 24. Photo: Xinhua
China GDP

China’s economic focus in 2026: what to expect as leaders prep for major meeting

Growth of ‘around 5 per cent’ may be revised to between 4.5 and 5 per cent, analysts say, as leadership gears up for tone-setting conference.

Banking & finance

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

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Banking & finance

China’s finance chief calls for fiscal firepower as Beijing weighs 2026 goals

This month’s central economic work conference will set the tone, while top finance official signals more assertive fiscal support.

Lan Foan, China’s finance minister, attends a new conference on the economy for the third session of the 14th National People’s Congress on March 6. Photo: VCG via Getty Images
Bonds

Weak growth outlook fuels China’s bond market recovery, analysts say

Concerns about inflated valuations of technology stocks are also driving investors towards bonds.

China economy

Opinion | An obscure new department heralds a shift in China’s debt cycle

In addition to regulating local government debt, the department will guide the nation away from a cycle driven by land as collateral.

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China's economic recovery

China tightens tax scrutiny on citizens’ overseas income amid fiscal pressures

As local authorities use big data to identify violators, analyst says better enforcement could ease financial strain.

Facing fiscal challenges in recent years, China’s local authorities have expanded initiatives to collect taxes. Photo: Getty Images
China's economic recovery

Tax reform in China’s 5-year plan aims to protect budgets without crushing firms

Officials propose boosting direct and local levies, curbing tax breaks and tapping new sectors to shore up local revenues and fund social spending.

Office workers walk near a construction site in Beijing. A prolonged property downturn has added to fiscal pressure on local-level governments in China. Photo: AFP
Banking & finance

China sets up new department to spearhead government debt clean-up drive

The move comes as Beijing steps up efforts to clear up masses of ‘hidden debt’ accumulated by local governments.

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China's economic recovery

‘Unforgivable’: Chinese county still living in shadow of wild spending binge

In the 2010s, Dushan splashed billions on high-rises and a fake Big Ben. Today, the buildings are mostly empty – but the debts remain.

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Ray Dalio

In China, Ray Dalio discusses global debt issues as Beijing seeks his counsel

With local-level debt still posing risks in China, while US borrowing accelerates, Beijing turns to the Wall Street veteran for guidance while navigating precarious financial waters.

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Billionaire global macro investor Ray Dalio, seen here in May 2024, spoke this week with top Chinese officials in Beijing. Photo: Reuters
China stock market

Chinese bond rout continues as global holdings dip to lowest level in 5 years

Flight to equities increases pressure on China’s debt market as holdings by foreign institutions fall for a third straight month.

[Shutterstock] Money, currency of PBOC or people’s bank of china. One hundred CNY Chinese yuan bill with a flag of China. 100 rmb or renminbi, depicts Beijing economy system, public banking policy and interest rate. Photo: Shutterstock Images Stock Photo ID: 2553754429
China economy

As China defuses its time bomb of debt, US hears the ticking intensify

Why do analysts see America’s debt situation as ‘more concerning’, and why is China’s situation a ‘big advantage’?

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China's economic recovery

‘Progress’: China’s campaign to ease local government debt scores first big win

Local authorities turned to heavy borrowing after the 2008 financial crisis, forcing Beijing to take action.

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