FinObservatory

Crisis atlas / CHN

China

71 distinct crisis events in 9 episodes, 1863–2016, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

14
Banking crises
28
Currency crises
29
Sovereign debt crises
71
Crisis events
1863–2016
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2016
    Currencyrr1 source
  2. 1999
    Bankingrr1 source
  3. 1998
    Bankinggmd, laeven_valencia, rr3 sources
  4. 1997
    Bankingrr1 source
  5. 1994
    Currencyrr1 source
  6. 1989
    Currencyrr1 source
  7. 1986
    Currencyrr1 source
  8. 1984
    Currencyrr1 source
  9. 1955
    Currencygmd, rr2 sources
  10. 1949
    Sovereign debtrr1 source
    Currencyrr1 source
  11. 1948
    Sovereign debtrr1 source
    Currencyrr1 source
  12. 1947
    Sovereign debtrr1 source
    Currencyrr1 source
  13. 1946
    Sovereign debtgmd, rr2 sources
    Currencyrr1 source
  14. 1945
    Sovereign debtrr1 source
    Currencyrr1 source
  15. 1944
    Sovereign debtrr1 source
    Currencyrr1 source
  16. 1943
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  17. 1942
    Sovereign debtrr1 source
  18. 1941
    Sovereign debtrr1 source
  19. 1940
    Sovereign debtrr1 source
    Currencyrr1 source
  20. 1939
    Sovereign debtgmd, rr2 sources
    Currencyrr1 source
  21. 1938
    Currencyrr1 source
  22. 1937
    Bankingrr1 source
  23. 1936
    Sovereign debtrr1 source
    Bankingrr1 source
  24. 1935
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
    Bankingrr1 source
  25. 1934
    Sovereign debtrr1 source
    Bankingrr1 source
  26. 1933
    Sovereign debtrr1 source
  27. 1932
    Sovereign debtgmd, rr2 sources
    Currencyrr1 source
  28. 1931
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
    Bankinggmd, rr2 sources
  29. 1930
    Sovereign debtrr1 source
  30. 1929
    Sovereign debtrr1 source
    Currencyrr1 source
  31. 1928
    Sovereign debtrr1 source
    Currencyrr1 source
  32. 1927
    Sovereign debtrr1 source
  33. 1926
    Sovereign debtrr1 source
  34. 1925
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
    Bankingrr1 source
  35. 1924
    Sovereign debtrr1 source
    Bankingrr1 source
  36. 1923
    Sovereign debtrr1 source
    Bankinggmd, rr2 sources
  37. 1922
    Sovereign debtrr1 source
  38. 1921
    Sovereign debtrr1 source
    Currencyrr1 source
  39. 1920
    Sovereign debtrr1 source
    Currencyrr1 source
  40. 1919
    Sovereign debtgmd, rr2 sources
    Currencygmd, rr2 sources
  41. 1901
    Currencygmd, rr2 sources
  42. 1893
    Currencyrr1 source
  43. 1892
    Currencygmd, rr2 sources
  44. 1884
    Bankingrr1 source
  45. 1883
    Bankinggmd, rr2 sources
  46. 1863
    Bankinggmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1863

Banking
Inflation (% y/y)
-50050100185818631868
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1883–1884

Banking
Inflation (% y/y)
-100102030187818831889
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1892–1893

Currency
Inflation (% y/y)
-100102030188718921898
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1901

Currency
Inflation (% y/y)
-1001020189619011906
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1919–1949

CurrencySovereign debtBanking
Inflation (% y/y)
-50005001k1.5k191419191954
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1955

Currency
Inflation (% y/y)
-5051015195019551960
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1984–1989

Currency
Inflation (% y/y)
0102030197919841994
Policy rate (%)
051015197919841994
Govt debt (% of GDP)
02.557.5197919841994

1994–1999

CurrencyBankingFiscal cost 18.0% of GDP, output loss 19.4% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-100102030198919942004
Policy rate (%)
051015198919942004
Govt debt (% of GDP)
0102030198919942004

2016

Currency
Inflation (% y/y)
0246201120162021
Policy rate (%)
02.557.5201120162021
Govt debt (% of GDP)
0255075201120162021

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology