How much of China's GDP is household debt?
In addition, household debt - mostly mortgages - is 61 per cent of GDP. Altogether, China's gross national debt is over 300 percent of GDP.
China household debt accounted for 63.3 % of the country's Nominal GDP in Mar 2023, compared with the ratio of 61.9 % in the previous quarter. China household debt to GDP ratio is updated quarterly, available from Mar 2007 to Mar 2023.
Key information about United States Household Debt: % of GDP
United States household debt accounted for 64.0 % of the country's Nominal GDP in Dec 2023, compared with the ratio of 64.1 % in the previous quarter. US household debt to GDP ratio is updated quarterly, available from Mar 1999 to Dec 2023.
The total amount of housing loans in China increased remarkably from 0.0485 trillion yuan in 1998 to 38.8 trillion yuan in 2022. Notably, housing loans accounted for 51.8% of household debt in 20221. 2.
What was China's Private Debt: % of Nominal GDP in Dec 2023? China Private Debt accounted for 194.67 % of its Nominal GDP in Dec 2023, compared with a ratio of 194.99 % in the previous quarter See the table below for more data.
1. Denmark. Denmark had the highest household-debt-to-income ratio of all the nations we looked at, with a reported debt of 252.18%.
United States Total Debt: % of GDP
United States Total Debt accounted for 730.6 % of the country's GDP in 2023, compared with the ratio of 732.2 % in the previous quarter. US Total Debt: % of GDP data is updated quarterly, available from Dec 1951 to Dec 2023.
Debt-to-GDP measures the financial leverage of an economy. One of the Euro convergence criteria was that government debt-to-GDP should be below 60%.
The target most commonly referenced is a 60% debt-to-GDP ratio. Despite the uncertainties surrounding the debt, there are a few things of which we can be sure: The rising debt reflects an imbalance between tax and spending policies.
The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.
Is China's debt a problem?
Cities and provinces across the country have accumulated a massive amount of hidden debt following years of unchecked borrowing and spending. The International Monetary Fund and Wall Street banks estimate that the total outstanding off-balance-sheet government debt is around $7 trillion to $11 trillion.
In the 15 years since, China's debt-to-GDP ratio has doubled to a whopping 280% , opens new tab, with the bulk of liabilities held by local government financial vehicles (LGFVs).
Debt as a share of GDP has risen to about the same level as in the United States, while in dollar terms China's total debt ($47.5 trillion) is still markedly below that of the United States (close to $70 trillion). As for non-financial corporate debt, China's 28 percent share is the largest in the world.
In addition, household debt - mostly mortgages - is 61 per cent of GDP. Altogether, China's gross national debt is over 300 percent of GDP. A high debt burden constrains the government's fiscal firepower, preventing it from unleashing bolder stimulus and weakening its effectiveness when implementing support measures.
In 2023, aggregate local government debt had risen to 92 trillion yuan ($12.58 trillion) and the central government of People's Republic of China ordered its banks to roll over debts in a debt-restructuring. China's gross external debt in 2023 was $2.38 trillion.
Japan has the highest debt-to-GDP ratio at 255%. Its national debt has floated above 100% of its GDP for more than two decades.
- Japan. Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. ...
- United States. ...
- China. ...
- Russia.
Former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion.
The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.
| Country/territory | US foreign-owned debt (January 2023) |
|---|---|
| Japan | $1,104,400,000,000 |
| China | $859,400,000,000 |
| United Kingdom | $668,300,000,000 |
| Belgium | $331,100,000,000 |
Who holds US debt?
There are two kinds of national debt: intragovernmental and public. Intragovernmental is debt held by the Federal Reserve and Social Security and other government agencies. Public debt is held by the public: individual investors, institutions, foreign governments.
Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).
Low Interest Rates: Japan has maintained a low interest rate environment for an extended period, partly due to the Bank of Japan's monetary policies. This means that the cost of servicing the debt is re.
| Characteristic | National debt in relation to GDP |
|---|---|
| Macao SAR | 0% |
| Brunei Darussalam | 2.06% |
| Kuwait | 3.08% |
| Hong Kong SAR | 4.27% |
Public debt in Russia was 18.9% of GDP in 2022. For more public debt information, visit our dedicated page.
