Ministry of Finance: The debt ratio of our government is still low, far below the average government debt ratio level of G20 countries.

On January 20th, Deputy Minister of Finance Liao Min stated at a press conference of the State Council Information Office that by 2025, China's fiscal deficit rate will be around 4%, an increase of 1 percentage point from the previous year; the new government debt will reach 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, far exceeding the average level of the past few years. Although China increased its deficit and government bond issuance in 2025, in terms of international comparison, China's government debt ratio is still relatively low, much lower than the average government debt ratio of G20 countries.