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

Summary

MGI cautions that its figures for Chinese government debt only partly capture local government borrowing held off the books. It cites IMF estimates for 2024 that break the picture down further. Central government debt stood at 26 percent of GDP and explicit local government debt at 34 percent. Local government financing vehicles added 50 percent, and further debt linked to special construction and government guided funds another 14 percent, for a combined 124 percent of GDP. The report links China's sharp rise in government debt to falling household demand, especially weaker property investment.