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China reveals the size of its foreign debt

According to data from China’s National Foreign Exchange Authority, the country’s outstanding debt amounted to 2.7 trillion US dollars by the end of last September.

Xinhua quoted the authority as saying that this figure is 16.7 billion US dollars, or 0.6 percent higher than its counterpart at the end of June.

The scale of China’s external debt has generally remained stable, and the external debt structure has improved during the third quarter, said Wang Chunying, deputy director and spokeswoman for the authority.

The official explained that the ratio of medium debt to long-term debt reached 47 percent, an increase of 3 percentage points from the end of June, stressing that the increase further enhanced the structural stability of external debt.

Wang said that foreign investors’ increase in their holdings of yuan-denominated bonds “reflects the achievements of China’s bond market opening up and investors’ confidence in China’s economic prospects.”

Wang warned that the international situation is expected to become complex and bleak, given the resurgence of the COVID-19 pandemic and the gradual abandonment of monetary easing by some advanced economies.

She noted that despite external pressures, the foundations of China’s long-term economic development will remain unchanged thanks to its strong economic resilience, stressing that the country pays great attention to changes in external debt and is taking concrete steps to fend off cross-border financial risks.

Source: “Xinhua”

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