Signal IMF put Chinese public debt at 124% of GDP in 2024 once off-book items are added

Summary

MGI notes that its China government debt figures only partly capture off-book local government debt, and cites IMF estimates for 2024 of central government debt at 26 percent of GDP, explicit local government debt at 34 percent, local government financing vehicles at 50 percent, and further debt tied to special construction and government guided funds at 14 percent.