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China debt

China debt
The latest news and features on China's debt, both local and national.
Vice-Premier Ding Xuexiang discusses the application of artificial intelligence in scientific research at the University of Science and Technology of China in Hefei, Anhui province, on Wednesday. Photo: Xinhua
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.

China's economic recovery

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

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Banking & finance

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

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.

Bond yields displayed on a pedestrian walkway in Shanghai. Photo: AFP
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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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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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.

Yuan notes are counted at a bank in China’s Jiangsu province. According to a Goldman Sachs analyst, “the current bond-issuance boom is a historic opportunity”. Photo: Reuters
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.

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.

A newborn baby is seen with family members at a hospital in Heshan, south China’s Guangdong province, on February 10, 2024. Photo: Xinhua
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.

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.

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.

Asset id: 2672530491 An aerial shot of the Asean Business District in Nanning, Guangxi. Photo: Shutterstock Images
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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Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank, in Beijing on September 30. Photo: Reuters
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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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

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

Yuan banknotes are seen in this illustration picture taken on April 25, 2022. Photo: Reuters
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.

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.

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.

Shoppers walk by a reflected art installation at an outdoor luxury shopping mall in Beijing. Photo: AP
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.

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’.

Some mainland Chinese retail investors are considering shifting their capital to US-based brokerages. Photo: Getty Images/AFP
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.

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.

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