## Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector

## Source details

**Canonical URL:** [Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-2-2.pdf)

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### Overview
- Two panels in the figure:
  - 1. SOEs versus non-SOEs, 2004–16 (Index)
  - 2. By Sector, 2006–16 (Change in index)
- Sectors shown:
  - New drivers: information and communication technology (ICT), technology hardware and equipment, health care equipment and services, pharmaceuticals, biotechnology, and life sciences.
  - Traditional drivers: automobiles and components, energy, and materials.
  - Other sectors: transportation, retail, capital goods, media, software and services, consumer goods and services, real estate, and utilities.

### Data and methodology
- Sources: WIND data; and IMF staff estimates.
- Data are demeaned and shown as a simple three-year moving average.
- The simple three-year moving average of the indicator is used to compute the change between 2006 and 2016.
- To have at least 40 firms for each industry in 2006:
  - the one-year moving average is used for the ICT sector, and
  - the two-year moving average is used for the energy, media, and software and services sectors.
- See Annex 2.1 for variable definitions.
- SOEs = state-owned enterprises.

### Key statistics and figure scales (as presented)
- Panel 1 (Index) horizontal timeline: 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016.
- Panel 1 (Index) vertical tick labels: –1.0, –0.5, 0.0, 0.5, 1.0.
- Panel 2 (Change in index) vertical tick labels / rank: –4, –3, –2, –1, 0, 1, 2.
- Change computed as the difference in the simple three-year moving average between 2006 and 2016 (with noted exceptions for some sectors).

### Interpretive findings (implied by figure structure and labeling)
- The figure compares profitability of credit allocation across ownership types (state-owned versus non-state-owned enterprises) over 2004–16.
- The figure compares changes in the profitability-of-credit-allocation indicator across sectors between 2006 and 2016, distinguishing new drivers, traditional drivers, and other sectors.

*Sources: WIND data; and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-2/pdf/boxfigure2-2-2.pdf_