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.

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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.

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.

The major foreign holders of U.S. Treasury securities are typically countries and entities that invest heavily in U.S. government debt. As of the latest data, here are some of the top foreign holders:

Japan: Historically, Japan has been the largest holder of U.S. Treasury securities. China: China is another major holder, though its holdings have fluctuated due to various economic and political factors. United Kingdom: The UK is a significant investor in U.S. Treasuries, often ranked among the top holders. Ireland: Ireland holds a substantial amount of U.S. Treasury securities. Luxembourg: Luxembourg is also a notable holder of U.S. Treasuries. Switzerland: Swiss investments in U.S. Treasury securities are considerable. Brazil: Brazil is one of the largest holders in Latin America. Belgium: Belgium, often through its financial institutions, holds a significant amount. Taiwan: Taiwan's central bank and other financial institutions invest heavily in U.S. Treasuries. Hong Kong: Hong Kong maintains substantial holdings in U.S. Treasuries. These rankings can change frequently based on economic conditions, currency reserves, and geopolitical factors. For the most up-to-date information, refer to the U.S. Department of the Treasury's "Major Foreign Holders of Treasury Securities" report.