The State Administration for Market Regulation reported China’s corporate credit
index at 158.87 in July, down 2.35 points MoM from June — a phase pullback from
recent highs but still showing credit resilience and a stable nationwide
corporate credit base. The drop was driven by more firms newly added to the
abnormal-operations list, weighing on the regulatory sub-index. Credit repair
accelerated: removals from the abnormal list rose while regulatory activity
remained elevated; business deregistrations fell MoM and firms’ survival intent
strengthened, leaving the underlying improvement in corporate credit intact. By
industry, the top five credit rankings were finance; electricity, heat, gas and
water production and supply; residential services and repairs; water
conservancy, environment and public facilities management; and manufacturing.
Industry indices broadly stabilized; mining rose countertrend, and
agriculture/forestry/animal husbandry/fishery hit a YTD high.
