## Figure 1.27. China: Impact of Tightening Financial Conditions on Nonfinancial Firms

## Source details

**Canonical URL:** [Figure 1.27. China: Impact of Tightening Financial Conditions on Nonfinancial Firms](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-27.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-27.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-27.csv.json)

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### Overview and Panels
- Panel 1: "Increase in Nonfinancial Credit by Sector" (Trillions of renminbi, percent)
- Panel 2: "Increase in Nonfinancial Corporate Credit from Nonbanks, by Sector" (Trillions of renminbi)
- Panel 3: "Average Bond Spreads for AAA-Rated Local Government SOE Issuers, Adjusted for Maturity, Three-Month Rolling Average" (Basis points)
- Panel 4: "Bond Market Net Issuance: Annualized Growth Rate by Sector and Grade" (Percent)
- Panel 5: "Median Liabilities to EBITDA Ratio" (Ratio)
- Panel 6: "Corporate Debt-at-Risk: Share of Debt of Firms with Interest Coverage Ratio <1" (Percent)

### Labels, categories, and time coverage (as presented)
- Sector labels appearing in the sheet:
  - "Infrastructure and property firms"
  - "Retail"
  - "Other nonfinancial firms"
- Grade/time/category labels appearing for bond market and spreads:
  - "Other nonfinancial firms"
  - "Infrastructure and property firms"
  - "Other nonfinancial firms: High Grade"
  - "Infrastructure and property firms: High grade"
  - "Other nonfinancial firms: Low grade"
  - "Infrastructure and property firms: Low grade"
- Year/time columns visible in sample rows:
  - "2003", "2004", "2005", "2006", "2007", "2008", "2009", "2010", "2011", "2012", "2013", "2014", "2015", "2016", "2017", "2018:H1"
  - Additional timeline label: "2014:Q4�16:Q3:" (as present in the dataset sample)
  - Specific dates: "Mar. 2012"

### Sample numeric entries (preserved exactly as in the dataset sample rows)
- Under Panel 1 sample row for "2013":
  - "2.64"
  - "2.63"
  - "5.02"
- Under Panel 2 sample row for "2013":
  - "2078.04"
  - "2519.07"
- Under Panel 3 sample row for "Mar. 2012":
  - "60.49"
  - "48.73"
- Standalone year label in sample rows:
  - "2010", "2011", "2012", "2013", "2014", "2015", "2016", "2017", "2018:H1"

### Data structure notes
- Worksheet name: "csv"
- rowCount: 94
- columnCount: 55
- Columns include repeated empty cells and multi-panel layout headers rather than a single flat table.
- Units and measurement annotations appear in header rows and include:
  - "(Trillions of renminbi, percent)"
  - "(Trillions of renminbi)"
  - "Adjusted for Maturity, Three-Month Rolling Average"
  - "(Percent)"
  - "(Ratio)"
  - "(Basis points)"

*Source: figure1-27.csv*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-27.csv_