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Foreign Exchange Administration: The overall scale of China's external debt has remained stable, with a continuously improving structure and high security. In the past three years, China's external debt scale has remained basically stable between 23 trillion and 25 trillion US dollars. By the end of the first quarter of 2026, the proportion of Renminbi-denominated external debt was 55%, an increase of 10 percentage points from the end of 2022; the proportion of medium and long-term external debt remained stable at over 40%, and the mismatch risk of external debt maturities and currencies significantly decreased. By the end of 2025, China's debt ratio, debt service ratio, coverage ratio, and short-term external debt to foreign exchange reserves ratio were 11.9%, 56.3%, 6.2%, and 39.2%, respectively, all significantly below the international safety warning line.