China Is Drowning in Debt, and It Bodes Ill for the Economy’s Future
Beijing’s programs have created dangerous debt burdens across China—burdens that surpass even those of the United States.
Milton Ezrati
11/3/2026|Updated: 11/3/2026
Commentary
Chinese leader Xi Jinping has spent a fortune pursuing great ambitions for China—military, monetary, diplomatic, technological. He has had his successes, but the effort has also inundated the country with an ocean of debt, often without any realistic promise of the kinds of returns that can service it. This relative debt load now exceeds that of most any other country, including even the United States. It bodes ill for China’s economic and financial future.
In one respect, China’s finances do look relatively strong. Direct debt obligations of the central government, plus certain aspects of local government debt, amounted in 2025 to a bit less than 100 trillion yuan (about $14.9 trillion), some 70 percent of China’s gross domestic product (GDP). That compares favorably with most any other developed country, including the United States. Washington’s debt obligations, for instance, stand today at close to 127 percent of U.S. GDP. Adding in the $3.8 trillion in direct state and local debt (about 11.7 percent of U.S. GDP) brings the U.S. total for all levels of government to about 139 percent of the economy, a much higher figure than in China.
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READ MORE: https://www.theepochtimes.com/opinion/china-is-drowning-in-debt-and-it-bodes-ill-for-the-economys-future-6110831?ea_src=frontpage&ea_med=section-1
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