China’s Economy Is More Fragile Than You Think, With a Debt-to-GDP Ratio of About 350%

Officially, China disclosed in 2023 that its government debt had exceeded 70 trillion yuan. As of November 2024, local government debt stood at 46.5 trillion yuan, with hidden debts reaching 14.3 trillion yuan. However, according to the International Monetary Fund, local government hidden debt could total as much as 60 trillion yuan by the end of 2023, equivalent to 47.6% of China's GDP.