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  "authorName": "J.P. Morgan Asset Management",
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  "notes": "The chart tracks the spread between credit growth and nominal GDP growth over time, highlighting cyclical tightening and loosening phases.",
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      "text": "Line chart showing credit growth minus nominal GDP growth from 2007 to 2025",
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      "text": "Credit growth - nominal GDP growth: 4.6ppts",
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      "text": "Credit cycles\nPercentage points, credit growth – nominal GDP growth, 3-month moving average",
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      "text": "Source: CEIC, People's Bank of China, J.P. Morgan Asset Management. Credit growth measures the year-over-year growth of outstanding total social financing. *Wenzhou SME crisis refers to the wave of bankruptcies and funding problems faced by many SMEs in Wenzhou in 2011. “LGFV” = local government financing vehicle. “RRR” = Reserve requirement ratio. “LPR” = Loan Prime Rate. Data are as of October 31, 2025.",
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      "text": "China: Credit conditions",
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