Korea vs China — National Debt
The ratio changes meaning when the official definition changes.
China’s official government debt (central + local) is about 59% of GDP, above Korea’s D1 at roughly 46%. But China’s hidden local debt debate and Korea’s D1/D2/D3 split make a simple ranking misleading.
| Country / Series | Debt / GDP | Household / GDP | GDP (T USD) | Debt (T USD) | Note |
|---|---|---|---|---|---|
| Korea (D1) | 45.8% | — | 1.77 | 0.80 | MoEF D1 definition |
| Korea (D2, IMF basis) | 56.5% | — | 1.77 | 1.00 | broader public definition |
| China (official gov debt) | 58.6% | — | 21 | 12 | central + local official debt only |
Takeaway
Once China enters the comparison, the key question is not “who is higher” but “which definition was adopted.” Read the definition and source before the number.
Sources: MoEF Open Fiscal Data, China MoF final accounts, IMF GDD, World Bank current-price GDP.