This figure presents the time-varying composition of bond markets in China and U.S. by issuing entities: government, financial institutions and non-financial corporations. Non-government bonds has grown rapidly during the past ten years from 15% of the total market capitalization in 2008 to 42% in 2017. The China bond market, which reached 75 trillion RMB in 2017, has become an important channel to transfer household saving to the real sectors in the economy.
Outstanding Bonds in Chinese and U.S. Bond Markets, 2008 – 2017