Where Data Tells the Story
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China’s broad money supply (M2) reached $39.7 trillion in September 2023, surpassing for the first time the combined total of the United States and the European Union ($39.6 trillion). By September 2025, China’s M2 had expanded further to $47.1 trillion—5.9% higher than the combined $44.5 trillion of the U.S. ($22.2 trillion) and EU ($22.3 trillion). This reflects the continued rapid expansion of China’s financial system and credit base relative to Western economies.