Total credit to households and non-financial firms from all lenders, banks, bond markets and non-bank institutions, in yuan, as a change over four quarters, from the BIS total credit statistics. It is the series closest to the People's Bank's total social financing that is published in a machine-readable form; the PBoC publishes its own aggregate only as web tables. Shown for context. A threshold waits until the record has been reviewed: growth has slowed from above 20 % in 2009 to single digits since 2024, and a line has to be chosen against that history, not against the other regions' zero.

Quarterly and one to two quarters behind. Local-government financing vehicles are counted as firms, which is where much of the credit went.