section_path: Government/National debt
section_name: National debt
paragraph_text: National debt
  
  In 2022, China's total government debt stood at approximately CN¥ 94 trillion (US$ 14 trillion), equivalent to about 77.1% of GDP. In 2014, many analysts expressed concern over the overall size of China's government debt. At the end of 2014, the International Monetary Fund reported that China's general government gross debt-to-GDP ratio was 41.44 percent. In 2015, a report by the International Monetary Fund concluded that China's public debt is relatively low "and on a stable path in all standard stress tests except for the scenario with contingent liability shocks", such as "a large-scale bank recapitalization or financial system bailout to deal, for example, with a potential rise in NPLs from deleveraging". Per the State Administration of Foreign Exchange 's 2019 balance of payments report, the external debt balance of the entire Chinese government at year end was 2% of GDP.: 104
  
  Chinese authorities have dismissed analysts' worries, insisting "the country still has room to increase government debt". Former Fed Chairman Ben Bernanke, earlier in 2016, commented that "the... debt pile facing China an 'internal' problem, given the majority of the borrowings was issued in local currency. A 2019 survey by the OECD found that China's corporate debt is higher than other major countries.
  
  Shadow banking has risen in China, posing risks to the financial system. Off the books debt is a grey area, but estimates place the amount for local governments alone as high as $9 trillion or 63 trillion yuan, up from estimates of around 30 trillion yuan in 2020.
  
  In 2022, China's total government debt stood at approximately CN¥ 94 trillion (US$ 14 trillion), equivalent to about 77.1% of GDP. In 2014, many analysts expressed concern over the overall size of China's government debt. At the end of 2014, the International Monetary Fund reported that China's general government gross debt-to-GDP ratio was 41.44 percent. In 2015, a report by the International Monetary Fund concluded that China's public debt is relatively low "and on a stable path in all standard stress tests except for the scenario with contingent liability shocks", such as "a large-scale bank recapitalization or financial system bailout to deal, for example, with a potential rise in NPLs from deleveraging". Per the State Administration of Foreign Exchange 's 2019 balance of payments report, the external debt balance of the entire Chinese government at year end was 2% of GDP.: 104
  
  Chinese authorities have dismissed analysts' worries, insisting "the country still has room to increase government debt". Former Fed Chairman Ben Bernanke, earlier in 2016, commented that "the... debt pile facing China an 'internal' problem, given the majority of the borrowings was issued in local currency. A 2019 survey by the OECD found that China's corporate debt is higher than other major countries.
  
  Shadow banking has risen in China, posing risks to the financial system. Off the books debt is a grey area, but estimates place the amount for local governments alone as high as $9 trillion or 63 trillion yuan, up from estimates of around 30 trillion yuan in 2020.
  
  In 2022, China's total government debt stood at approximately CN¥ 94 trillion (US$ 14 trillion), equivalent to about 77.1% of GDP. In 2014, many analysts expressed concern over the overall size of China's government debt. At the end of 2014, the International Monetary Fund reported that China's general government gross debt-to-GDP ratio was 41.44 percent. In 2015, a report by the International Monetary Fund concluded that China's public debt is relatively low "and on a stable path in all standard stress tests except for the scenario with contingent liability shocks", such as "a large-scale bank recapitalization or financial system bailout to deal, for example, with a potential rise in NPLs from deleveraging". Per the State Administration of Foreign Exchange 's 2019 balance of payments report, the external debt balance of the entire Chinese government at year end was 2% of GDP.: 104
  
  Chinese authorities have dismissed analysts' worries, insisting "the country still has room to increase government debt". Former Fed Chairman Ben Bernanke, earlier in 2016, commented that "the... debt pile facing China an 'internal' problem, given the majority of the borrowings was issued in local currency. A 2019 survey by the OECD found that China's corporate debt is higher than other major countries.
  
  Shadow banking has risen in China, posing risks to the financial system. Off the books debt is a grey area, but estimates place the amount for local governments alone as high as $9 trillion or 63 trillion yuan, up from estimates of around 30 trillion yuan in 2020.