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China's outstanding external debt reduced, under control

By Zhou Lanxu | | Updated: 2023-03-31 21:24
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China's outstanding external debt, denominated in both domestic and foreign currencies, reduced by 10.7 percent to $2.4528 trillion as of the end of last year, with relevant risks under control, the State Administration of Foreign Exchange said on Friday.

The country's outstanding external debt accounted for 13.6 percent of GDP, well within the red line of 20 percent accepted by the international community, the administration said.

Wang Chunying, deputy head of SAFE, said the size of the country's external debt is expected to stay generally stable while attributing the decline in 2022 to the interest rate hikes of the US Federal Reserve and elevated global inflation.

The administration also said on Friday that China's external financial assets and liabilities reached $9.258 trillion and $6.7267 trillion, respectively, as at the end of last year, leading to net external assets worth $2.5313 trillion. The size of net external assets was up by 15.8 percent year-on-year.

In 2022, China's current account registered a surplus equivalent to 2.2 percent of the country's GDP, staying within a reasonable range, SAFE added.

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