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China debt

China debt
The latest news and features on China's debt, both local and national.
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 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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China's economic recovery

China tightens rail approvals as Xi warns on waste and ‘operational’ trouble

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US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

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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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The People’s Bank of China has announced a series of goals for 2026, from promoting cross-border yuan use to increasing domestic consumption and managing debt risks. Photo: Shutterstock
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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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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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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Stories on Chinese social media about business owners arrested or harassed for seeking recovery of arrears, including one case involving a contractor who built schools and museums, have sparked widespread outrage. Photo: AFP
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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China GDP

China’s economic focus in 2026: what to expect as leaders prep for major meeting

Growth of ‘around 5 per cent’ may be revised to between 4.5 and 5 per cent, analysts say, as leadership gears up for tone-setting conference.

Banking & finance

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

A view of the Jinan Huanggang Road Yellow River Crossing Tunnel, which is under construction in Jinan city, Shandong province, on March 4, 2025. Photo: Xinhua
Banking & finance

China’s finance chief calls for fiscal firepower as Beijing weighs 2026 goals

This month’s central economic work conference will set the tone, while top finance official signals more assertive fiscal support.

Lan Foan, China’s finance minister, attends a new conference on the economy for the third session of the 14th National People’s Congress on March 6. Photo: VCG via Getty Images
Bonds

Weak growth outlook fuels China’s bond market recovery, analysts say

Concerns about inflated valuations of technology stocks are also driving investors towards bonds.

China economy

Opinion | An obscure new department heralds a shift in China’s debt cycle

In addition to regulating local government debt, the department will guide the nation away from a cycle driven by land as collateral.

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China's economic recovery

China tightens tax scrutiny on citizens’ overseas income amid fiscal pressures

As local authorities use big data to identify violators, analyst says better enforcement could ease financial strain.

Facing fiscal challenges in recent years, China’s local authorities have expanded initiatives to collect taxes. Photo: Getty Images
China's economic recovery

Tax reform in China’s 5-year plan aims to protect budgets without crushing firms

Officials propose boosting direct and local levies, curbing tax breaks and tapping new sectors to shore up local revenues and fund social spending.

Office workers walk near a construction site in Beijing. A prolonged property downturn has added to fiscal pressure on local-level governments in China. Photo: AFP
Banking & finance

China sets up new department to spearhead government debt clean-up drive

The move comes as Beijing steps up efforts to clear up masses of ‘hidden debt’ accumulated by local governments.

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China's economic recovery

‘Unforgivable’: Chinese county still living in shadow of wild spending binge

In the 2010s, Dushan splashed billions on high-rises and a fake Big Ben. Today, the buildings are mostly empty – but the debts remain.

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Ray Dalio

In China, Ray Dalio discusses global debt issues as Beijing seeks his counsel

With local-level debt still posing risks in China, while US borrowing accelerates, Beijing turns to the Wall Street veteran for guidance while navigating precarious financial waters.

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Billionaire global macro investor Ray Dalio, seen here in May 2024, spoke this week with top Chinese officials in Beijing. Photo: Reuters
China stock market

Chinese bond rout continues as global holdings dip to lowest level in 5 years

Flight to equities increases pressure on China’s debt market as holdings by foreign institutions fall for a third straight month.

China economy

As China defuses its time bomb of debt, US hears the ticking intensify

Why do analysts see America’s debt situation as ‘more concerning’, and why is China’s situation a ‘big advantage’?

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China's economic recovery

‘Progress’: China’s campaign to ease local government debt scores first big win

Local authorities turned to heavy borrowing after the 2008 financial crisis, forcing Beijing to take action.

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Residential buildings under construction in the Kangbashi district of the town of Ordos, south of the city of Dongsheng in China’s Inner Mongolia autonomous region. Photo: Reuters
China travel

China’s high-speed rail nears 50,000km milestone – but is it sustainable?

The network dwarfs global rivals and has reshaped domestic travel – but analysts warn debt levels cannot be ignored.

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A volunteer holds leaflets as he stands near a 600km/h High Speed Maglev model showcasing at the National Railway Test Center during a tour by delegates to the World Congress on High-Speed Rail held in Beijing, on July 9. Photo: AP
China’s economic stimulus

New committee, bailout talk: is China launching a fresh property rescue effort?

China’s central bank has set up a new ‘financial stability committee’ and pledged to defuse risks in key regions and institutions.

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China consumption

China vows more fiscal support to spur demand and curb local government debt

Beijing will also boost stimulus to support families and further back emerging industries, finance minister says.

Ray Dalio

Why did a Chinese economist slam Ray Dalio on debt situations in US, China?

Xu Gao’s 9,000-word article, ‘Where Did Dalio Go Wrong on National Debt?’, comes as China’s Politburo is preparing to set policy tone for rest of year.

Bridgewater Associates founder Ray Dalio’s latest book came out last month. Photo: Getty Images
China property

China’s property loans rise to a 2-year high on policy support

China’s outstanding property loans rise to a two-year high in June, thanks to support from policy measures.

Workers at the construction site of a residential housing complex in Huaian, China. Photo: AFP
Infrastructure

China slams grass-roots mismanagement, shames failed ‘longevity city’ in warning

Disciplinary authorities are on the hunt for wastefulness, putting ‘blind decisions’ in their crosshairs as local-level cadres struggle to stimulate economies.

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China's economic recovery

Explainer | Why China’s fight against cutthroat competition is different this time

Private firms, weaker growth and limited fiscal space will make it difficult for Beijing to rein in ‘neijuan’, analysts say.

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