China’s National Debt Grows 3x Faster Than the U.S. In 12 Months
China’s economy grew by leaps and bounds post-2001 after the country steered towards manufacturing products to cater to global demand. The Chinese economy experienced phenomenal growth over the years reaching a GDP of $19.37 trillion in 2023. China is only second to the United States a $26.85 trillion economy and is now looking to overtake the U.S. Nonetheless, while the growth is remarkable, China’s financial rise to power has now come at a cost. The Chinese national debt is steadily increasing, giving room to concerns about its ability to sustain the growing economy. The national debt of China now amounts to $14.34 trillion and ranks second globally only below the U.S. The United States has the highest national debt globally amounting to $31.68 trillion. Also Read: BRICS Moving To Kill the U.S. Dollar & Western Dominance? Not So Fast! In FY 2022-23, the U.S. national debt grew by $1.3 trillion or 4.28%. However, China’s national debt grew three times that of th...