Private-sector credit: China, U.S., and Japan
This chart compares private nonfinancial-sector credit as a share of GDP in China, the United States, and Japan. It uses internationally harmonized BIS data, with Japan providing historical context; the figures incorporate national-source material and do not imply that China must repeat Japan’s path.
What does it show?
China’s private-sector debt burden now exceeds those of the United States and Japan relative to GDP.
Methodology
BIS total credit to the private non-financial sector from all lenders, at market value, as a percentage of GDP, adjusted for breaks. Series Q:CN:P:A:M:770:A, Q:US:P:A:M:770:A, and Q:JP:P:A:M:770:A are shown from China's first observation in 1985 Q4 through the latest common quarter. The Japan line supplies same-definition historical context, not a claim that China is repeating Japan. BIS harmonizes national-source data; the figures can incorporate national submissions and subsequent revisions.