Chinese credit and economy slide

Monday 16 June 2025

May Chinese credit was soft. The recent acceleration in total social financing stalled at 8.7% year-on-year stock growth.

And don’t forget that a lot of this is debt swaps with local governments, so the real number is more like 8%.

Other indicators are pretty soft as well. Power is tepid.

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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.