‘外债’ (wài zhài) literally means ‘external debt’ — ‘外’ (wài) means ‘outside’ or ‘foreign’, and ‘债’ (zhài) means ‘debt’ or ‘loan’. Together, the term refers specifically to money that a country, government, or organization owes to foreign lenders, such as other governments, international financial institutions (e.g., the World Bank), or private foreign creditors. It is a formal, economic term used in finance, policy discussions, and news reporting.

This word is almost exclusively used in macroeconomic or institutional contexts — not for personal debts owed abroad. It carries implications of national fiscal responsibility, currency risk, and international creditworthiness. You’ll encounter it in reports about sovereign borrowing, balance-of-payments analysis, or debt sustainability assessments. While ‘债’ alone can refer to any kind of debt (including personal loans), adding ‘外’ narrows the meaning strictly to cross-border obligations denominated in foreign currency or contracted with non-resident lenders.