Chinese credit into the pit

Tuesday 12 November 2024

Chinese credit is still buggered.

Total social financing in October was soft at CNY1.36tr. The growth in the stock of credit continues to shrink, down to a record low 7.8%.

Under the bonnet, household credit grew a bit at CNY160bn but it was mostly short-term debt not mortgages.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.