China maintained moderate foreign debt scale in the first half of this year, with a relatively low risk of repayment, said Jia Ning, director of the International Payments Department of the State Administration of Foreign Exchange (SAFE) on Tuesday.
Data reveal that as of the end of June, the total foreign debt balance reached 2.54 trillion U.S. dollars, showing an increase of 97.1 billion U.S. dollars over that at the end of 2023, marking a four-percent growth, Jia said at a press conference in Beijing.
"China's economy maintained steady growth. The upward trend in the comprehensive yield of Renminbi bonds has attracted consistent foreign capital inflows into Renminbi bonds. The net increase in holdings in the first half of the year remained at a high level, driving an increase of nearly 90 billion U.S. dollars in bond-type foreign debt, which is a key factor in the resurgence of foreign debt," Jia said.
In terms of the debt-to-GDP ratio, Jia noted that it fluctuated slightly within the range of 14 percent to 16 percent, and cross-border financing of enterprises effectively bolstered the development of the real economy.
The scale of foreign debt aligned with actual economic growth, he said.
"China's overall scale of foreign debt remains moderate, with relatively low repayment risks. The repayment risks of foreign debt are under control. Indicators such as the debt ratio, repayment ratio, debt-service ratio, and the ratio of short-term foreign debt to foreign exchange reserves all stay within the internationally recognized safety range," he said.
China maintains moderate foreign debt scale with low repayment risk in H1
Chinese President Xi Jinping on Tuesday arrived in Kazan, capital city of Russia's Republic of Tatarstan, to attend the 16th BRICS Summit, at the invitation of Russian President Vladimir Putin.
Russian officials greeted Xi at the airport. Among them were head of Russia's Republic of Tatarstan Rustam Minnikhanov, Prime Minister of the Republic of Tatarstan Aleksei Pesoshin and Mayor of Kazan Ilsur Metshin.
A guard of honor lined up on both sides of a red carpet to salute the Chinese leader, and Russian youths dressed in national costumes welcomed him with traditional courtesy.
Xi's entourage, including Cai Qi, member of the Standing Committee of the Political Bureau and director of the General Office of the Communist Party of China (CPC) Central Committee, and Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, arrived on the same plane. Chinese Ambassador to Russia Zhang Hanhui welcomed President Xi at the airport.
During the summit scheduled for Tuesday to Thursday, Xi is set to attend small- and large-group leaders' meetings and the BRICS Plus leaders' dialogue, and will deliver important speeches. Xi will also have in-depth exchanges with other state leaders on the current international situation, practical BRICS cooperation, the development of the BRICS mechanism and other important issues of common concern.
BRICS is the acronym for an emerging-market cooperative mechanism that initially comprised Brazil, Russia, India, China and South Africa. In January, it expanded its membership to include Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia.
Xi arrives in Russia's Kazan for BRICS Summit
