Lanfoan: our country's government debt ratio is significantly lower than that of major economies and emerging market countries

On November 8th, Minister of Finance Lan Foan introduced at a press conference that from an international comparison, the government debt ratio of our country is significantly lower than that of major economies and emerging market countries. According to the statistics of the international monetary fund, the average government debt ratio of G20 countries is 118.2% at the end of 2023, including: Japan 249.7%, Italy 134.6%, the United States 118.7%, France 109.9%, Canada 107.5%, the United Kingdom 100%, Brazil 84.7%, India 83%, Germany 62.7%; the average government debt ratio of G7 countries is 123.4%. During the same period, the total debt of our country's government was 85 trillion yuan, of which the national debt was 30 trillion yuan, the local government's statutory debt was 40.70 trillion yuan, the hidden debt was 14.30 trillion yuan, and the government debt ratio was 67.5%.