BEIJING -- China is grappling with growing interest payments as its national and regional governments issue more bonds, raising concerns over a downgrade in the country's credit rating.
The debt-servicing burden is expected to increase 7.8% in 2024 to a record 1.27 trillion yuan ($177 billion), Ministry of Finance data shows. The figure has continued to rise amid a surge in bond issuances to fund economic stimulus and support cash-strapped regional governments.
