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A stylized photo of The People's Bank Of China (PBOC) in Beijing, China.

Chinese People's Armed Police walk past the People's Bank of China (PBOC) in Beijing, China.

Emmanuel Wong/GettyImages

Timeline of China's Deleveraging Campaign: 2013–2021

The deleveraging campaign marked the end point of China’s unprecedented credit expansion after the global financial crisis. This timeline describes the four stages of the campaign, which are analyzed in further detail in the report "Grasping Shadows."

Digital Report by Logan Wright — May 31, 2023