Credit to the general government sector as a share of GDP, the BIS's core debt measure: loans and debt securities at market value, consolidated. Shown for context; it has no threshold. The BIS core measure was 176 % of GDP in early 2026, below the 230 to 250 % gross figure the IMF reports, which includes liabilities the BIS leaves out.
The BIS core measure leaves out trade credit, pension liabilities and, for China, most local-government financing vehicles, so it sits below the IMF's broader figures.