Chinese credit fails to launch

David Llewellyn-Smith

Monday 17 March 2025

Chinese credit for February failed to launch with Total social financing up another measly 0.2% to 8.2% yoy.

The composition was worse as household credit plunged 390bn, leaving big questions over the housing recovery.

In fact, private credit kept ebbing away while government bonds filled the gap.

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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.