Dear Rigueiro,

Thank you for taking the time to read my work and thank you for your query.

The debt is a combination of all debt, including state, corporate and personal. However, state debt as well as corporate debt (in particular state-owned enterprises) have a far larger proportion of that debt compared to private individuals.

You can get a decent overview here:

https://www.bloomberg.com/quicktake/chinas-debt-bomb

Hope this helps.

Yours,

Patrick Tan