China's debt situation has been exaggerated by some international institutions and its debt default risk is under control and will not pose systemic threats, senior government officials said on Thursday.

"Debt risks in China have been overrated by some international institutions," said Ruan Jianhong, deputy head of the Financial Survey and Statistics Department at the People's Bank of China, the central bank.

The Bank for International Settlements said China's overall debt was as high as 254.8 percent of GDP at the end of last year. But Ruan said the bank has included some factors that should not have been taken into account, thus increasing its estimate.