External debts 2018

At at the end of 2018, China's outstanding full-scale external debt (excluding those of Hong Kong SAR, Macao SAR, and Taiwan province, the same below) reached USD 1.97 trillion.

With respect to the term structure, the outstanding medium-and long-term external debt was USD 693.6 billion, accounting for 35 percent while the outstanding short-term external debt was USD 1.27 trillion, accounting for 65 percent.

In terms of institutions and departments, the outstanding debt of government totaled USD 232.3 billion, accounting for 12 percent; the outstanding debt of the central bank totaled USD 29.6 billion, accounting for 1 percent; the outstanding debt of banks totaled USD 898.7 billion, accounting for 46 percent; and the outstanding debt of other departments totaled USD 592.3 billion, accounting for 30 percent, the outstanding debt of intercompany loans under direct investments totaled USD 212.3 billion, accounting for 11 percent.

In terms of debt instruments, the balance of loans amounted to USD 409.9 billion, accounting for 21 percent; outstanding trade credits and prepayment amounted to USD 393.1 billion, accounting for 20 percent; the balance of currency and deposits amounted to USD 483.5 billion, accounting for 24 percent; the balance of debt securities amounted to USD 428.3 billion, accounting for 22 percent; the Special Drawing Rights (SDR) allocation amounted to USD 9.7 billion, accounting for 1 percent, the outstanding debt of inter-company loans under direct investments totaled USD 212.3 billion, accounting for 11 percent, the balance of other debt liabilities amounted to USD 28.4 billion, accounting for 1 percent.

With respect to currency structures, the outstanding external debt in domestic currency totaled USD 639.4 billion, accounting for 33 percent. The outstanding external debt in foreign currencies (including SDR allocation) totaled USD 1.33 trillion, accounting for 67 percent of the total outstanding registered external debt in foreign currencies: the USD debt accounted for 82 percent, the Euro debt accounted for 8 percent, the HKD debt accounted for 5 percent, the JPY debt accounted for 2 percent, the SDR and other foreign currency-denominated external debt accounted for 3 percent.

As at the end of 2018, the ratio of outstanding external debt to GDP was 14.4 percent, the ratio of outstanding external debt to revenue from trade in goods and services was 74.1 percent, the ratio of debt services (the ratio of the sum of medium and long-term external-debt payments and short-term external-debt interest payments to revenue from trade in goods and services) was 5.5 percent, and the ratio of short-term external debt to foreign exchange reserves was 41.4 percent. Since all of these indicators were within internationally-recognized thresholds, China's external-debt risks are viewed as under control.

Note:

1. The internationally-recognized thresholds for external debt risk indicators - liability ratio, debt ratio, debt servicing ratio and ratio of short-term external debt to foreign exchange reserves are 20 percent, 100 percent, 20 percent and 100 percent respectively.