China’s debt after the global financial crisis: a review

China’s debt has surged significantly since the Global Financial Crisis (GFC), raising concerns about its long-term impacts. Numerous studies have examined various facets of China’s debt. To better understand this issue, we reviewed over 120 scholarly papers from EconLit, published after the GFC, and categorized findings into five key areas: determinants, effects, costs, levels and sustainability, and other aspects. This review examines the key determinants and economic effects of China’s three main debt components: corporate, government, and household debt. By synthesizing existing research, we aim to enhance understanding of China’s debt landscape, provide actionable insights for Chinese policymakers and future researchers, and offer valuable lessons for other nations.