--- title: "中國的債務規模首次超過歐洲" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/282300807.md" description: "中國政府的債務首次超過歐盟，預計在 2025 年達到 18.7 萬億美元，而歐盟的債務為 17.6 萬億美元。這一變化突顯了中國快速的借貸增長，自 2008 年以來年均增長 17%。相比之下，美國的債務年增長率為 7.7%，而歐盟由於主權債務危機後的財政約束，僅增長了 3.0%。債務增長的差異歸因於中國的信貸擴張和基礎設施支出，而美國則在較少的財政約束下維持了更高的支出水平" datetime: "2026-04-10T06:47:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282300807.md) - [en](https://longbridge.com/en/news/282300807.md) - [zh-HK](https://longbridge.com/zh-HK/news/282300807.md) --- # 中國的債務規模首次超過歐洲 **China’s government debt has surpassed the European Union’s for the first time, marking a major shift in the global debt landscape.** Since the 2008 financial crisis, the U.S., China, and Europe have followed very different borrowing paths. While Europe kept debt growth relatively constrained, both the U.S. and China expanded rapidly—especially after 2020. The chart below, via Visual Capitalist's Niccolo Conte, visualizes annual government debt totals for the U.S., EU, and China from 1995 to 2025 in current U.S. dollars (not adjusted for inflation), using data from theIMF. In 2025, China’s government debt reached $18.7 trillion, surpassing the EU’s $17.6 trillion total for the first time. **The crossover underscores how rapidly China’s borrowing has scaled over the past two decades.** ## The Rapid Rise in U.S. and China’s Government Debt In 2008, U.S. government debt stood at $10.9 trillion, roughly in line with the EU’s $10.7 trillion total. By 2025, it had surged to $38.3 trillion, leaving the EU behind by $20.7 trillion. The data table below shows the government debt of the U.S., China, and EU from 1995 to 2025 in current U.S. dollars: From just $1.2 trillion in 2008, China’sgovernment debtgrew at roughly 17% annually—fast enough to overtake the EU in less than two decades. Since 2008, U.S. government debt expanded at about 7.7% per year, compared with roughly 3.0% per year for the EU. ## Why China and U.S. Debt Grew Much Faster than Europe’s While the EU’s slower debt growth partially reflects weaker nominal growth across the bloc compared to the U.S. and China, it also is a symptom of the bloc’s tighterfiscal constraintsafter Europe’s sovereign debt crisis, which peaked between 2010 and 2012. In contrast, China’s surge in debt was driven by credit expansion, infrastructure spending, and state-backed growth. The U.S., meanwhile, combined crisis-era borrowing withpersistent deficits, especially after 2020, allowing debt to scale far beyond Europe’s. With fewer fiscal constraints at the federal level, Washington has maintained higher spending levels—helping explain why U.S. debt now stands far above both China and the EU. _If you enjoyed today’s post, check outThe World’s $111 Trillion in Government Debton Voronoi._ ### 相關股票 - [DRAG.US](https://longbridge.com/zh-HK/quote/DRAG.US.md) - [501043.CN](https://longbridge.com/zh-HK/quote/501043.CN.md) - [PGJ.US](https://longbridge.com/zh-HK/quote/PGJ.US.md) - [000300.CN](https://longbridge.com/zh-HK/quote/000300.CN.md) - [501310.CN](https://longbridge.com/zh-HK/quote/501310.CN.md) - [MCHI.US](https://longbridge.com/zh-HK/quote/MCHI.US.md) ## 相關資訊與研究 - [《駐京專電》發改委開展「法治護航民營經濟」行動方案](https://longbridge.com/zh-HK/news/286985885.md) - [分析：人行將以公開市場操作調節市場流動性 暫不減息降準](https://longbridge.com/zh-HK/news/287006323.md) - [中國衞生悉數償還銀行借貸 540 萬元，獲新銀行融資額度 460 萬元](https://longbridge.com/zh-HK/news/286691443.md) - [美數碼資產法案補足監管短板 專家稱確定性為基礎設施 | Hashkey 研究院](https://longbridge.com/zh-HK/news/286542777.md) - [中國經濟持續疲弱 民眾借貸需求 30 年來首見萎縮](https://longbridge.com/zh-HK/news/286880044.md)