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China debt

China debt
The latest news and features on China's debt, both local and national.
People carry bags while walking through the central business district in Beijing. Photo: Getty Images
China's economic recovery

Economists urge Beijing to act fast on local-level debt while prices remain low

Prominent advisers note importance of central authorities expanding borrowing to fund infrastructure before the current window of subdued inflation closes.

China's economic recovery

China publicly names officials in ‘unprecedented’ debt crackdown. Can it work?

China economy

In Focus | Is China’s new local surtax a game-changer, or a bureaucratic tweak?

Banking & finance

‘Gone in seconds’: Chinese buyers snap up government debt amid US bond turmoil

From social media tips to long queues at banks, buyers in China are rushing to secure government debt amid a global sell-off of US Treasuries.

The Ministry of Finance on November 18, 2024, in Beijing. Photo: Getty Images
China’s economic stimulus

China to speed up bond issuance after national meeting on investment: analysts

The fixed-income securities are to be used to fund national infrastructure and construction ventures to boost the economy.

China's economic recovery

Vice-Premier Ding signals fiscal reform to ease pressure on local governments

Ding Xuexiang discusses a fiscal reset through expanded local discretion, bigger outlays from the central government and scientific fiscal management pilots.

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China's economic recovery

‘Policy addiction’ warning signals Beijing’s preference for targeted stimulus

With an eye on long-term stability, People’s Daily says officials have tools to respond amid weak demand, property risks and local-government debt.

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People ride bicycles on a street in Beijing. China’s leadership is looking to avoid an overreliance on strong policy stimulus while striving to reach economic growth goals. Photo: AP
Banking & finance

Yuan, Hong Kong dollar bonds surge as issuers seek cheaper funding

Issuance of dim sum, panda and wonton bonds accelerates as Beijing promotes the yuan’s global use and deeper cross-border access broadens demand.

Banking & finance

China and US bond markets head in opposite directions

The US Treasury tried to cool rising borrowing costs in the dollar debt market with a surprise intervention, while yields in China are near the lowest in a year.

China economy

In Focus | A matter of trust: China’s wealthy grapple with new offshore asset tax rules

Once a reliable vehicle for tax avoidance, offshore trusts are being reconsidered as enforcement bodies step up their efforts, backed by new regulations.

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Illustration: Lau Ka-kuen
US-China trade war

US faults China over vague overseas lending, warns of emerging-market debt risks

US State Department introduces tougher disclosure requirement covering sovereign loans, liabilities and collateral.

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The US State Department said in its 2026 Fiscal Transparency Report on Tuesday that China had failed to meet its minimum transparency requirements. Photo: Reuters
Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

China's economic recovery

How China’s Zhangjiajie aims to revive a US$296 million loss-making tourist site

A 150,000-visitor opening offers an early signal, but analysts warn that lasting cash flow will require stronger products, local culture and tighter operations.

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China GDP

China’s debt ratio dips. Why it may not bode well for the economy

Debt-level gains mask private-sector contraction, with government lone growth lever as households deleverage, firms shun borrowing: report.

China’s debt-to-GDP ratio slipped 1.1 percentage points to 308.2 per cent, according to a Beijing-based think tank. Photo: AFP
Banking & finance

Beijing scraps panda bond fees to bolster global market for yuan debt

Analysts say removing some expenses for foreign borrowers will help funnel more yuan overseas and create a large offshore liquidity pool of China’s currency.

Analysts say Beijing’s decision to waive fees associated with panda bonds serves as a sign of leadership’s commitment to the market. Photo: Getty Images
China consumption

Price of parenting: the household maths giving China’s consumers pause

Falling property wealth, job insecurity and sky-high childcare costs are forcing middle-class families to aggressively scale back consumer spending.

Bonds

China vows to improve panda bond ratings to lure more foreign capital

Body overseeing interbank market, where most panda bonds are traded, sets August 1 deadline for rating agencies to comply.

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China's economic recovery

As Typhoon Bavi looms, has China’s investment in flood defences paid off?

Chinese authorities have ramped up spending on disaster prevention in recent years, but some worry local debt levels could hinder the campaign.

Railway workers inspect a bridge in Ningbo City, eastern China’s Zhejiang province, ahead of Typhoon Bavi making landfall on the Chinese mainland. Photo: Xinhua
China property

Chinese city ‘sold’ same plot of land 18 times to inflate fiscal revenue

Central Commission for Discipline Inspection says Nanning used tactic to mask budget strains.

Banking & finance

‘Might not be the last’: the red flags behind China’s latest bank rescue

Regulators intervened over concerns of aggressive expansion and credit risks, underscoring vulnerabilities in some smaller regional lenders.

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China economy

Opinion | As China tightens the fiscal net, it must strike a fine balance

While the central government is cracking down on tax evasion, provincial governments are scrambling for cash in ways that can be destructive.

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The Bank of China building in Shanghai. The National Audit Office has accused the bank of evading 2.37 billion yuan in taxes by misusing preferential treatment intended for publicly offered mutual funds between April 2023 and August 2025. Photo: Getty Images
China consumption

China credit data shows demand dip, household deleveraging amid weak investment

But while traditional industries are mired in a downturn, hi-tech firms look to expand – many through direct financing.

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People walk along a street in Shanghai on Tuesday. Households in China are showing a weak appetite for taking on debt. Photo: EPA
Banking & finance

Panda bond boom: why China is seeing a rush of global borrowers

Beijing’s looser monetary policy, a wider bond market opening and expanding yuan internationalisation are helping drive the trend, analysts say.

China's economic recovery

Struggling Chinese regions mine ledgers for dormant riches in ‘idle’ property

Localities battling debt, such as Jilin and Chongqing, pivot to ‘asset revitalisation’ as land revenue remains weak, but analysts flag new risks.

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Banking & finance

China’s credit demand weak in April despite policy support, strong industry

Lending growth slows as borrowing demand from households and businesses remains weak.

An elderly man walks past a bank branch in the Central Business District in Beijing in April. Photo: EPA-EFE
US debt ceiling

China, US drive global debt to record US$353 trillion – what’s behind the surge?

New report warns that rising conflicts, AI spending and energy security push are all expected to further increase global debt levels.

Global debt hit a record high of nearly US$353 trillion in the first quarter of 2026, according to the Institute of International Finance (IIF), with China and the United States largely driving the trend. Photo: EPA-EFE
Banking & finance

Beijing ramps up tax crackdown, frames consumption levies as fiscal lifelines

Authorities target retailers, shell companies and off-the-books manoeuvres to lessen tax liabilities.

China economy

China publicly criticises fiscal spending by ‘imprudent’ local governments

Amid belt-tightening drive, spotlight falls on projects deemed not in the public interest, including millions of yuan spent on promotional songs.

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