By the end of June 2025, China’s total social financing—the most widely-used measure of total credit in the Chinese economy—stood at RMB 430.2 trillion, up 8.9% year‑on‑year. In comparison, nominal GDP grew just 4.1% over the same period. As a result, China’s total social financing climbed from 303% of GDP at the end of 2024 to 309% six months later. According to the IMF, debt has grown so rapidly in China that the nation accounts for more than half of the increase in the global economy’s debt-to-GDP ratio since 2008 […]