Insight
China economic focus June 2023: local government debt at risk
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
China’s public debt level is at an alarming stage, with total government debt reaching 96% in 2022. The risks of a debt crisis vary across provinces. Shaanxi, Guangxi, Qinghai, Yunnan, Sichuan, Jilin, Gansu and Guizhou provinces are at the top of the troubling list. China will try to manage a slow deleveraging process to avoid a debt crisis. However, it will lead to a material slowdown in infrastructure investment and associated commodity demand.
Table of contents
- Highlights
- Why not stimulate infrastructure?
- How large is local government debt?
- What are the solutions?
- Appendix
Tables and charts
This report includes the following images and tables:
- Country comparison of public debt level
- Local government debt by provinces
- Liability ratio of official debt
- The interest rates of urban investment bonds
- Wood Mackenzie's proprietary China data
- Manufacturing PMI
- Industrial production and retail sales
- Trade
- Inflation
- Property
- Investment
- Money supply (M2)
- 1 more item(s)...
What's included
This report contains:
Other reports you may be interested in
Insight
China economic focus September 2025: What’s behind the investment downturn?
Anti-involution campaign hurts manufacturing investment.
$1,150
Insight
China economic focus August 2025: navigating a slowdown with policy supports
The Chinese government seeks more balanced growth through economic policy
$1,150
Asset Report
Qinghai Yellow River aluminium smelter
A detailed analysis of the Qinghai Yellow River aluminium smelter.
$2,250
