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China debt

China debt
The latest news and features on China's debt, both local and national.
People walk along a street in Shanghai on Tuesday. Households in China are showing a weak appetite for taking on debt. Photo: EPA
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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Banking & finance

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

China's economic recovery

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

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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 $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.

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.

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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.

People descend a mountain with luggage as they move to new homes designed to alleviate poverty in Zhaojue county, Sichuan province, in May 2020. Photo: Xinhua
Mainland China

How China’s fake Titanic sank like a stone – and became a symbol of local excess

In 2014, a Chinese investor raised millions to build a full-scale replica of the Titanic. Now, all that remains is a rusting hull – and vast debts.

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Banking & finance

‘No alternative but to comply’: investors’ foreign income in China’s crosshairs

Ministry says 11.5% growth in personal income tax revenue partly driven by ‘significant rise in income from share transfers and dividends’.

China property

Opinion | China’s property pivot: from growth engine to protected household asset

Social and economic stability is now the key focus as Beijing works to preserve households’ property asset wealth against developers’ debt.

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A food vendor passes a construction site in Beijing on February 8. Instead of trying to revive the property-led growth model, Beijing is patiently executing a debt migration by transferring default risks from the public to the state’s balance sheet. Photo: AP
China jobs

Survey shows China’s professionals have high expectations – for low pay

As some Chinese workers switch jobs to boost salaries, many remain pessimistic about pay increases amid economic uncertainty.

Hays found that 51 per cent of professionals in China also received no pay rise in 2025, a sign of wider pressures in the job market. Photo: Shutterstock
Two Sessions 2026

China’s central-local fiscal flows should be parent-child relationship: adviser

‘Central finance is like a father … while local governments are like children,’ tax policy expert says, affirming support for revenue-sharing reforms.

Two Sessions 2026

‘Two sessions’ 2026

China’s Premier Li Qiang lowered the annual GDP growth target to 4.5 to 5 per cent when he delivered the government work report at the “two sessions”, the country’s biggest annual political gathering.

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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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

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

Global debt reached a record high in 2025 and rose in the world’s two largest economies.

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Premier Li Qiang delivering the government work report on Thursday, in the Great Hall of the People in Beijing. Photo: Reuters
Two Sessions 2026

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

Governors and mayors must reconcile Beijing’s people-centric mandates with traditional growth targets, navigating vague appraisal changes and performance concepts.

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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.

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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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Massive investment in artificial intelligence data centres has contributed to a rapid build-up in global debt levels over the past year, according to a new report. Photo: Shutterstock
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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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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National retail sales grew by 3.7 per cent in 2025, below the 5 per cent GDP growth rate. Beijing has made boosting consumer spending a top policy priority in recent years, though results have been mixed. Photo: Xinhua
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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Workers lay track at a construction site in China’s Jiangsu province. Photo: Getty Images
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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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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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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Passengers ride a fully automated metro train in Ningbo, Zhejiang province. Photo: Getty Images
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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The People’s Bank of China has unveiled a credit-rehabilitation policy to help individuals who defaulted on small loans rebuild their financial standing. Photo: Reuters
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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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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