improving macroeconomic governance through balance sheet managementby
author: zhang xiaojing and liu lei
china's macro leverage ratio increased by 0.8 percentage points in the second quarter of 2024, from 294.8% at the end of the first quarter to 295.6%. among them, the household sector leverage ratio decreased by 0.5 percentage points, dropping from 64.0% in the first quarter to 63.5%; the leverage ratio of the non-financial corporate (nfc) sector increased by 0.2 percentage points, rising from 174.1% at the end of the first quarter to 174.3%; the government sector leverage ratio increased by 1.1 percentage points, rising from 56.7% at the end of the first quarter to 57.8%. the m2/gdp ratio fell by 2.1 percentage points, from 239.5% at the end of the first quarter to 237.4%; the social financing stock/gdp ratio increased by 0.8 percentage points, from 306.7% at the end of the first quarter to 307.5%.
