Positive numbers indicate a discretionary fiscal tightening, negative numbers indicate fiscal loosening. The red bars indicate the years when fiscal policy was procyclical and green bars the years in which fiscal policy was countercyclical. While fiscal policy was initially countercyclical during the global financial crisis, it turned procyclical during much of the European debt crisis.
These features of modern credit culture develop it into a huge industry and hence have a far-reaching impact on the social and economic life. The Chinese government is fully aware of the importance of establishment of China’s modern credit culture.