The bad news? The credit impulses (annual change as a percentage of GDP) for both the USA and China are negative.
The good news? The decline in China’s credit impulse is lessening.
If we throw the Eurozone into the Papusa, we see that the Eurozone has negative credit impuse growth, but is better than China or the USA.
Since 2005, China’s sovereign yield curve has actually increased will Japan’s has dropped into negative territory.