From land collateral to sovereign credit: a compositional displacement in China's financing structure, 2021-2026
Description
Replication data for the manuscript "From land collateral to sovereign credit: a compositional displacement in China's financing structure, 2021-2026". The package contains the published levels of the increment in aggregate financing to the real economy (AFRE) and its government-bond, corporate-bond and equity components for 2021 full year, 2021 Q1-Q3, 2025 Q1-Q3 and 2026 Q1-Q3, together with the supporting indicators reported in Table 1, the assumed refinancing-bond shares used in the sensitivity exercise, and a Python script that recomputes Tables 2, 3 and 4 of the article. All underlying series are official releases of the People's Bank of China, the National Bureau of Statistics, the Ministry of Finance and other public agencies listed in the article's Appendix A; no proprietary, confidential or personal data are included. The 2025 Q1-Q3 levels are derived from year-on-year changes reported in the 2026 Q3 release and are flagged as derived, not observed. Refinancing shares are stated assumptions, not estimates. Two statistical revisions (loan coverage in January 2023 and the M1 definition in January 2025) are documented. Running python replicate.py reproduces every reported share and checks it against the article.
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Institutions
- Yantai UniversityShandong, Yantai