China's credit growth drops to lowest point in over a year

Business Nov 14, 2025

China's credit growth just dropped to its lowest point in over a year.
In October 2025, total financing rose by only $115 billion—much less than expected—showing that both government bond issuance and household borrowing remained weak in October.

Demand stays soft even after launching policy tool

Even after launching a ¥500 billion policy tool to boost lending, demand stayed soft.
Companies barely took out loans (just ¥31 billion in long-term loans, way down from last year), and households borrowed the least since the 2008 crisis as people avoided property investments.
Early government bond sales and banks slowing down at the start of the quarter didn't help either, highlighting how tough it is for China to spark economic confidence at the moment.