China cycle peak
7.90
trillion yuan · 2021
Net-change rate 12.65%
Economy · household balance sheets
Household credit annual net change
The core measure is Q4 household and NPISH credit minus the previous Q4, using one BIS definition for both economies. Absolute changes stay in yuan and yen; the cross-country chart uses the percentage net-change rate instead of comparing two currencies directly.
China latest full year
0.36
trillion yuan · 2025
Net-change rate 0.44%
Japan bubble-era peak
37.31
trillion yen · 1989
Net-change rate 15.05%
Japan first negative year
-2.65
trillion yen · 1998
2005 trough -12.08 trillion yen
2026 current context · not spliced into the annual series
Resident loans fell by CNY 1.03 trillion in Jan–Aug 2026
This PBOC figure is a year-to-date resident-loan change. Its period and instrument coverage differ from the BIS full-year Households & NPISHs total-credit stock, so it is shown only as current context rather than a 2026 BIS annual point.
-1.03trillion yuanPBOC · Aug 2026 financial statistics ↗
Formula
Annual net change = Q4 credit stock(t) − Q4 credit stock(t−1)The main series uses BIS adjusted-for-breaks data for Households & NPISHs. BIS total-credit coverage includes loans and debt securities in the long credit series.
Cross-country comparison
Net-change rate = annual net change ÷ previous Q4 stockYuan and yen amounts should not be ranked against each other. The percentage net-change rate is the page’s comparable China–Japan measure.
China · 2007–2025
Annual household-credit net change
CNY billions; bars below zero mean the year-end stock was below the previous year-end.
Source: BIS · China household credit ↗ · BIS · methodology ↗ · BIS WS_TC 2.0; Q.CN.H.A.M.XDC.A; Q4-to-Q4 differencechinainfigures.com
Japan · 1965–2025
From bubble-era expansion to balance-sheet contraction
The long Japan series captures the 1989 peak, the first negative year in 1998, a brief 1999 rebound and the deep 2005 contraction.
Source: BIS · Japan household credit ↗ · BIS · methodology ↗ · BIS WS_TC 2.0; Q.JP.H.A.M.XDC.A; Q4-to-Q4 differencechinainfigures.com
Comparable scale · 2007–2025
Annual net change as a share of the previous year-end stock
Expressing the change relative to each country’s own prior year-end stock makes the cycle intensity directly comparable.
Source: BIS · China household credit ↗ · BIS · Japan household credit ↗ · Same BIS definition; 100 × annual net change / previous Q4 stockchinainfigures.com
Exact values · common years
China–Japan annual net change and rate, 2007–2025
| Year | China net change (CNY bn) | China rate | Japan net change (JPY bn) | Japan rate |
|---|---|---|---|---|
| 2007 | 2,701.7 | 113.85% | -3,374.5 | -1.03% |
| 2008 | 638.9 | 12.59% | -5,704.3 | -1.76% |
| 2009 | 2,447.5 | 42.84% | -3,831.4 | -1.20% |
| 2010 | 3,048.3 | 37.35% | -4,574.8 | -1.46% |
| 2011 | 2,312 | 20.63% | -2,066.7 | -0.67% |
| 2012 | 2,497.9 | 18.47% | -176.9 | -0.06% |
| 2013 | 3,667 | 22.89% | 4,520.1 | 1.47% |
| 2014 | 3,235.2 | 16.43% | 3,260.2 | 1.05% |
| 2015 | 3,811 | 16.63% | 4,947 | 1.57% |
| 2016 | 6,221.8 | 23.27% | 5,156.4 | 1.61% |
| 2017 | 7,012.5 | 21.28% | 7,610.6 | 2.34% |
| 2018 | 7,309.3 | 18.29% | 7,813.7 | 2.35% |
| 2019 | 7,358.9 | 15.57% | 6,670.5 | 1.96% |
| 2020 | 7,808.2 | 14.29% | 14,970.2 | 4.31% |
| 2021 | 7,900.1 | 12.65% | 9,624.4 | 2.66% |
| 2022 | 3,859.1 | 5.49% | 6,233.3 | 1.68% |
| 2023 | 4,044.7 | 5.45% | 6,114.2 | 1.62% |
| 2024 | 2,651 | 3.39% | 9,199.8 | 2.39% |
| 2025 | 359.5 | 0.44% | 11,791.3 | 3.00% |
Most common misreading
Net change is not gross new lending
This metric is the difference between two year-end stocks. New borrowing, repayments, write-offs, securitisation and other balance-sheet changes can all occur within the year, so it is not a measure of gross new loan issuance.
Why BIS
One statistical framework for both countries
The article suggested a useful question, but the formal page does not use its chart as a data source. Every annual point is recomputed from the same BIS dataset, so it can be traced, updated and independently verified.
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Download CSV ↓Data file updated: 21 Sept 2026
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Public record
Revision and update timeline
Household credit annual net change launched with China–Japan BIS comparison
Introduced annual Q4-to-Q4 household-credit net changes for China and Japan from BIS WS_TC 2.0, plus a dimensionless net-change-rate comparison. The PBOC January–August 2026 resident-loan decline is kept as separately labelled context rather than spliced into the BIS annual series.
Related sources: Bank for International Settlements ↗ · Bank for International Settlements ↗ · Bank for International Settlements ↗ · People's Bank of China; official government republication ↗
Sources and definitions registered; automated checks passed
Data downloads and revision timeline added
Added page-level formal-data CSV files, chart-level CSV/PNG/SVG exports and a bilingual revision timeline to all indicator pages.
Sources and definitions registered; automated checks passed