China's foreign debt soars: state media

China's foreign debt has increased by more than 18 percent in the first nine months of the year, with short-term debt rising especially fast, according to state media report.

At the end of September, overseas borrowing stood at 442 billion dollars, a rise of 18.3 percent from the end of last year, the Xinhua news agency said, quoting the State Administration of Foreign Exchange.

It did not offer an explanation for the rise.

Short-term debt -- defined as loans with maturities of less than one year -- had risen particularly fast, increasing by 27.2 percent over the nine-month period to 280 billion dollars, according to Xinhua.

Medium- to long-term debt was up by a more moderate 5.5 percent to 162 billion dollars, according to Xinhua.

Despite the growth in overseas borrowing, the world's fourth-largest economy remains in a position to service its debt, as it also holds the world's largest foreign exchange reserves.

Fuelled by its large trade surplus, China's forex reserves reached 1.9 trillion dollars in late September, according to the latest figures available.