China National Foreign Exchange Administering Bureau said that Mainland China’s foreign debt this year peaked at 193.6 billion, 34 million U.S. dollars, an increase of 13 percent compared to last year.

According to Xinhua News Agency the Foreign Exchange Bureau’s report claimed that the increase in foreign debt will not have a fundamental impact on the security of foreign debt. At the end of last year, China’s debt rate—the sum of foreign debt divided by the income of goods and services traded on foreign exchanges—was 39.9 percent. The rate for getting into debt—the total foreign debt remaining divided by GDP—was 13.7 percent. Short-term foreign debt and the foreign exchange reserve was about 19 percent.

At the end of last year, China’s mid-term foreign debt remaining was 116.6 billion U.S dollars, an increase of 1.3 billion U.S. dollars compared to last year. Short-term debt remaining was 77.4 billion U.S. dollars, an increase of 21.3 billion U.S. dollars compared to two years ago. The report concluded that the large increase in China’s foreign debt and newly borrowed foreign debt was the result of China’s rapid economic growth and favorable foreign investment environment. The domestic and foreign currency rate also played a key factor of increasing foreign debt.