Fresh new lending in calendar year 2020 was about 34.9 trillion yuan (roughly US$5.4 trillion), which, even if you use the statistics for national economic size that even Chinese state economists say are bloated, comes to just shy of 40 percent of GDP. The best guess is that as of calendar year 2022, total outstanding corporate debt in China has reached 350 percent of GDP, or some 385 trillion yuan (US$58 trillion).
