Debt-to-GDP ratio trend of the US and China

From 1995 to 2023, the debt-to-GDP ratio in the United States steadily increased from 64% to 119%, with a significant surge observed around the 2008 financial crisis and again in 2020. China, starting from a lower base of 21% in 1995, experienced a more gradual increase until 2015, but has since seen a more rapid acceleration, reaching 82% in 2023, indicating a notable shift in its economic leverage.