When combined, 债务 (zhàiwù) means a “debt affair” or an “obligation matter.” This fusion creates a term that signifies a formal, recognized state of liability, distinguishing it from a casual IOU between friends.
Traditionally, carrying 债务 in Chinese culture was viewed with a significant degree of social shame. The ideal was to be self-reliant and free from obligation. There is a strong cultural custom of trying to 还清债务 (huánqīng zhàiwù)—pay off all debts—before the Lunar New Year, to start the new year with a clean slate. This contrasts with Western consumer cultures where debt is often normalized and even encouraged as a tool for immediate gratification (e.g., credit card spending, “buy now, pay later” schemes). While China has rapidly modernized, with mortgages (房贷 fángdài) and consumer credit becoming commonplace, a remnant of this traditional caution persists. The concept of debt is often approached with more gravity. A crucial distinction is between 债务 (zhàiwù) and 人情债 (rénqíngzhài).
债务 is a common term in formal contexts, covering personal finance, business, and economics.
It's used when discussing serious financial commitments like mortgages, car loans, and significant credit card debt. While you might tell a friend `我欠你钱 (Wǒ qiàn nǐ qián)`, you would discuss your `信用卡债务 (xìnyòngkǎ zhàiwù)` with a financial advisor.
In a corporate or legal setting, 债务 refers to liabilities on a balance sheet, contractual obligations, or debts subject to legal proceedings. You'll frequently encounter terms like `债务人 (zhàiwùrén)` for “debtor” and `债权人 (zhàiquánrén)` for “creditor.”
In news and academic discussions, 债务 is used to talk about corporate debt, local government debt, and national debt (`国家债务 guójiā zhàiwù`), which are major topics in the modern Chinese economy.
The most common mistake for learners is confusing 债务 (zhàiwù) with 欠钱 (qiàn qián).
In short: Use 债务 to talk about “debt” as a formal noun