Chart
Outstanding Bonds in Chinese and U.S. Bond Markets, 2008 – 2017

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.