The yield on China 10Y Bond Yield held steady at 1.83% on December 2, 2025. Over the past month, the yield has edged up by 0.07 points, though it remains 0.16 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. China 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on December of 2025.

China Treasury Bond Yield: Interbank: Yield to Maturity: 8 year data was reported at 1.777 % pa in Nov 2025. This records an increase from the previous number of 1.717 % pa for Oct 2025. China Treasury Bond Yield: Interbank: Yield to Maturity: 8 year data is updated monthly, averaging 3.235 % pa from Jul 2008 (Median) to Nov 2025, with 209 observations. The data reached an all-time high of 4.590 % pa in Dec 2013 and a record low of 1.575 % pa in Jan 2025. China Treasury Bond Yield: Interbank: Yield to Maturity: 8 year data remains active status in CEIC and is reported by National Interbank Funding Center. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: NIFC: Treasury Bond Yield: Yield to Maturity.

The yield on China 30 Year Bond Yield rose to 2.09% on November 17, 2025, marking a 0.01 percentage points increase from the previous session. Over the past month, the yield has fallen by 0.15 points and is 0.22 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. This dataset includes a chart with historical data for China 30Y.

China Bond Issuance: Year to Date: Treasury Bond data was reported at 9,758,000.000 RMB mn in Sep 2024. This records an increase from the previous number of 5,816,800.000 RMB mn for Jun 2024. China Bond Issuance: Year to Date: Treasury Bond data is updated quarterly, averaging 1,574,400.000 RMB mn from Dec 2005 (Median) to Sep 2024, with 73 observations. The data reached an all-time high of 11,095,600.000 RMB mn in Dec 2023 and a record low of 111,900.000 RMB mn in Mar 2009. China Bond Issuance: Year to Date: Treasury Bond data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: PBC, NDRC, CSRC, CCDC: Bond Issued.

The yield on China 3 Year Bond Yield held steady at 1.42% on December 2, 2025. Over the past month, the yield has fallen by 0.01 points, though it remains 0.03 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. This dataset includes a chart with historical data for China 3Y.

China Treasury Bond Yield: Primary Market: Interest-bearing Book-entry: 30 Year data was reported at 2.150 % pa in 25 Aug 2025. This records an increase from the previous number of 1.900 % pa for 15 Jul 2025. China Treasury Bond Yield: Primary Market: Interest-bearing Book-entry: 30 Year data is updated daily, averaging 3.270 % pa from May 2007 (Median) to 25 Aug 2025, with 44 observations. The data reached an all-time high of 5.050 % pa in 09 Dec 2013 and a record low of 1.880 % pa in 25 Apr 2025. China Treasury Bond Yield: Primary Market: Interest-bearing Book-entry: 30 Year data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: MOF: Treasury Bond Yield: Primary Market: Daily.

China Treasury Bond Yield: Interbank: Forward Yield: 2 year data was reported at 1.473 % pa in Nov 2025. This records an increase from the previous number of 1.437 % pa for Oct 2025. China Treasury Bond Yield: Interbank: Forward Yield: 2 year data is updated monthly, averaging 3.255 % pa from Jul 2008 (Median) to Nov 2025, with 209 observations. The data reached an all-time high of 4.570 % pa in Mar 2014 and a record low of 1.290 % pa in Dec 2024. China Treasury Bond Yield: Interbank: Forward Yield: 2 year data remains active status in CEIC and is reported by National Interbank Funding Center. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: NIFC: Treasury Bond Yield: Forward Yield.

*** READ ME ***

This note describes code and data for the paper "Does innovative disruption impact credit markets: Evidence from China".

This dataset combines U.S. bond market data (1970-2019) from Mergent FISD, Compustat and WRDS with VC/IPO data from Becker and Ivashina (2023), alongside Chinese market data from iFind (bonds), CSMAR (IPOs) and Zero2IPO (VC). All data sources are described in detail in Section 2.1 of the paper.

All the code is in a single do file which runs on StataMP 18.

* The Data
There are several data files, whose names end in .dta.

For the Chinese market:

Bond rating (at issue).dta: Contains bond issuer credit ratings at issuance for Chinese firms.

Bonds 2000-2024.dta: Provides bond characteristics from the iFind database (2000–2024).

Default Table Variable.dta: Includes bond default records.

IPO share.dta: Reports industry-level IPO activity from CSMAR.

TVPI.dta: Contains industry-level Total Value to Paid-In (TVPI) metrics.

VC.dta: Captures industry-level venture capital flows from Zero2IPO.

For the U.S. market:

Bond rating (at issue).dta: Records bond issuer credit ratings at issuance for U.S. firms.

Burgiss.dta: Provides Burgiss-sourced VC data by industry (from Becker and Ivashina 2023).

compustat panel data.dta: Includes firm-level fundamentals from Compustat.

Default Table Variable.dta: Lists bond default events.

ff30 encode.dta: Maps Fama-French 30 industry classifications.

FF30 industry.dta: Converts SIC codes to Fama-French 30 industries.

ipo count by ff30 year CSTAT.dta: Tracks IPO activity by Fama-French 30 industry.

Mergent Bonds 1950-2020.dta: Contains bond characteristics from Mergent FISD (1950–2020).

ratings panel.dta: Reports Standard & Poor’s issuer credit ratings.

VC by ff30 year.dta/VC by sector year.dta: Detail VC investments by Fama-French 30/sector-year.

* The Code
Two Stata do file called "code China.do" and "code US.do" contains the code for the paper.

China Treasury Bond Equivalent Yield: Book-entry Discount: 91 Day data was reported at 1.380 % pa in 08 May 2025. This records a decrease from the previous number of 1.390 % pa for 25 Apr 2025. China Treasury Bond Equivalent Yield: Book-entry Discount: 91 Day data is updated daily, averaging 2.015 % pa from Dec 2005 (Median) to 08 May 2025, with 462 observations. The data reached an all-time high of 4.870 % pa in 16 Dec 2013 and a record low of 0.510 % pa in 25 Dec 2024. China Treasury Bond Equivalent Yield: Book-entry Discount: 91 Day data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: MOF: Treasury Bond Yield: Primary Market: Daily.

China Treasury Bond: Issue Date: Coupon Rate: Interest-bearing Book-entry: 10 Year data was reported at 3.250 % pa in 21 Nov 2018. This records a decrease from the previous number of 3.540 % pa for 24 Oct 2018. China Treasury Bond: Issue Date: Coupon Rate: Interest-bearing Book-entry: 10 Year data is updated daily, averaging 3.520 % pa from Aug 2004 (Median) to 21 Nov 2018, with 106 observations. The data reached an all-time high of 4.860 % pa in 09 Aug 2004 and a record low of 2.340 % pa in 14 Jul 2006. China Treasury Bond: Issue Date: Coupon Rate: Interest-bearing Book-entry: 10 Year data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: CCDC: Treasury Bond Yield: Primary Market: Daily.

China Treasury Bond Yield: Primary Market: Interest-bearing Book-entry: 50 Year data was reported at 2.530 % pa in 15 Jun 2024. This records a decrease from the previous number of 2.650 % pa for 25 Mar 2024. China Treasury Bond Yield: Primary Market: Interest-bearing Book-entry: 50 Year data is updated daily, averaging 4.080 % pa from Nov 2009 (Median) to 15 Jun 2024, with 25 observations. The data reached an all-time high of 5.310 % pa in 18 Nov 2013 and a record low of 2.530 % pa in 15 Jun 2024. China Treasury Bond Yield: Primary Market: Interest-bearing Book-entry: 50 Year data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: MOF: Treasury Bond Yield: Primary Market: Daily.

CN: Treasury Bond: Issue Date: Coupon Rate: Interest-bearing Book-entry: 2 Year data was reported at 3.000 % pa in 14 Nov 2018. This stayed constant from the previous number of 3.000 % pa for 17 Oct 2018. CN: Treasury Bond: Issue Date: Coupon Rate: Interest-bearing Book-entry: 2 Year data is updated daily, averaging 3.060 % pa from Jan 2010 (Median) to 14 Nov 2018, with 26 observations. The data reached an all-time high of 3.990 % pa in 18 Jul 2014 and a record low of 2.010 % pa in 27 Jan 2010. CN: Treasury Bond: Issue Date: Coupon Rate: Interest-bearing Book-entry: 2 Year data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: CCDC: Treasury Bond Yield: Primary Market: Daily.

China Bond Yield: Medium & Short Term Note (AAA): 10 Year data was reported at 2.185 % pa in 16 May 2025. This records an increase from the previous number of 2.170 % pa for 15 May 2025. China Bond Yield: Medium & Short Term Note (AAA): 10 Year data is updated daily, averaging 4.315 % pa from Apr 2011 (Median) to 16 May 2025, with 3530 observations. The data reached an all-time high of 6.482 % pa in 14 Jan 2014 and a record low of 1.996 % pa in 10 Feb 2025. China Bond Yield: Medium & Short Term Note (AAA): 10 Year data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: PBC & CCDC: Treasury Bond and Other Bond Yield: Daily.

China Bond Yield: Treasury Bond: 3 Year data was reported at 1.437 % pa in 02 Dec 2025. This records an increase from the previous number of 1.435 % pa for 01 Dec 2025. China Bond Yield: Treasury Bond: 3 Year data is updated daily, averaging 3.168 % pa from Mar 2006 (Median) to 02 Dec 2025, with 4943 observations. The data reached an all-time high of 4.500 % pa in 20 Nov 2013 and a record low of 1.085 % pa in 24 Dec 2024. China Bond Yield: Treasury Bond: 3 Year data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: PBC & CCDC: Treasury Bond and Other Bond Yield: Daily.

China Bond Yield: Treasury Bond: 5 Year data was reported at 1.617 % pa in 02 Dec 2025. This records an increase from the previous number of 1.611 % pa for 01 Dec 2025. China Bond Yield: Treasury Bond: 5 Year data is updated daily, averaging 3.338 % pa from Mar 2006 (Median) to 02 Dec 2025, with 4943 observations. The data reached an all-time high of 4.529 % pa in 06 Jan 2014 and a record low of 1.341 % pa in 03 Jan 2025. China Bond Yield: Treasury Bond: 5 Year data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: PBC & CCDC: Treasury Bond and Other Bond Yield: Daily.

China Bond Yield: Treasury Bond: 3 Month data was reported at 1.450 % pa in 02 Dec 2025. This records a decrease from the previous number of 1.450 % pa for 01 Dec 2025. China Bond Yield: Treasury Bond: 3 Month data is updated daily, averaging 1.910 % pa from Mar 2006 (Median) to 02 Dec 2025, with 4943 observations. The data reached an all-time high of 5.113 % pa in 21 Jun 2013 and a record low of 0.782 % pa in 25 Dec 2024. China Bond Yield: Treasury Bond: 3 Month data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: PBC & CCDC: Treasury Bond and Other Bond Yield: Daily. [COVID-19-IMPACT]

China Bond Issuance: Govt Bond: Treasury Bond data was reported at 1,278,630.000 RMB mn in Mar 2025. This records an increase from the previous number of 977,560.000 RMB mn for Feb 2025. China Bond Issuance: Govt Bond: Treasury Bond data is updated monthly, averaging 105,210.000 RMB mn from May 1997 (Median) to Mar 2025, with 335 observations. The data reached an all-time high of 1,593,270.000 RMB mn in Aug 2024 and a record low of 0.000 RMB mn in Jan 2009. China Bond Issuance: Govt Bond: Treasury Bond data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Issued.

China Treasury Bond Yield: Primary Market: Electronic Saving Bond: 2 Year data was reported at 3.730 % pa in 15 Jul 2009. This records an increase from the previous number of 3.420 % pa for 11 Jun 2007. China Treasury Bond Yield: Primary Market: Electronic Saving Bond: 2 Year data is updated daily, averaging 3.575 % pa from Jun 2007 (Median) to 15 Jul 2009, with 2 observations. The data reached an all-time high of 3.730 % pa in 15 Jul 2009 and a record low of 3.420 % pa in 11 Jun 2007. China Treasury Bond Yield: Primary Market: Electronic Saving Bond: 2 Year data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: MOF: Treasury Bond Yield: Primary Market: Daily.

China Bond Net Purchase: Govt Bond: Treasury Bond data was reported at 373,000.000 RMB mn in Feb 2021. This records a decrease from the previous number of 574,000.000 RMB mn for Jan 2021. China Bond Net Purchase: Govt Bond: Treasury Bond data is updated monthly, averaging 102,085.000 RMB mn from Mar 2001 (Median) to Feb 2021, with 240 observations. The data reached an all-time high of 900,590.000 RMB mn in Jul 2020 and a record low of 0.000 RMB mn in Jan 2009. China Bond Net Purchase: Govt Bond: Treasury Bond data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZD: CCDC: Bond Purchased.

China Bond Yield: Treasury Bond: 1 Year data was reported at 1.412 % pa in 01 Dec 2025. This records an increase from the previous number of 1.402 % pa for 28 Nov 2025. China Bond Yield: Treasury Bond: 1 Year data is updated daily, averaging 2.725 % pa from Mar 2006 (Median) to 01 Dec 2025, with 4942 observations. The data reached an all-time high of 4.250 % pa in 07 Jan 2014 and a record low of 0.931 % pa in 24 Dec 2024. China Bond Yield: Treasury Bond: 1 Year data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: PBC & CCDC: Treasury Bond and Other Bond Yield: Daily.