The People's Bank of China: Considering the vast state-owned assets and relatively low government debt levels, the expansion of China's government debt remains sustainable.

The People's Bank of China releases the first quarter report on the implementation of China's monetary policy in 2025, which mentions that with the deepening of theoretical and practical research, an increasing number of scholars advocate the introduction of the balance sheet perspective and the concept of "general government sector" to more comprehensively assess debt risks. In addition to the scale of debt, the sustainability of government debt is closely related to the government's asset-liability structure and asset income capacity. A comparison of three countries shows that, considering the huge state assets and relatively low government debt levels, the expansion of Chinese government debt is still sustainable, which is of great significance for strengthening social security, improving income distribution, promoting economic transformation, and achieving dynamic balance.