China’s Debt-to-GDP Ratio Climbs to Record 287.8% in 2023

China’s debt-to-GDP ratio climbed to a new record high in 2023 despite the slow pace of borrowing, reflecting the economy’s weakening growth, a new report from a state-backed think tank shows.

The macro leverage ratio, which measures total outstanding nonfinancial debt as a share of nominal GDP, rose to 287.8% in 2023, 13.5 percentage points higher than a year ago, according to a report by the National Institution for Finance and Development (NIFD).