China's data comes through separate sources from the rest of the OECD; exclude it and even the Non-Financial Corporate sector's equity flips sign.
What Changes When China Is Excluded?
This page shows the planet's financial statements WITHOUT China's contribution. Why? Because China's data comes through a very different path from the rest of Layer 2 - unlike the 55 countries the OECD reports directly, China isn't an OECD member and doesn't publish institutional-sector financial statements; so we added China's share separately, item by item, from sources like CASS/PBoC/NIFD - separate, older sources (mostly a mix spanning 2019-2025).
The result is interesting: the Non-Financial Corporations sector's Equity comes out at +$10.7T in the world total (including China), while McKinsey's own figure is -$40T. Once China is excluded, our figure also flips NEGATIVE - moving the same direction as the result McKinsey considers "normal." This page exists to show, table by table, exactly how much each figure is affected by including China.
Real Net Profit (After Depreciation, NET, ALL SECTORS, ex-China)
24,80 T $
%12,9
Real Net Profit (ex-China): 24,80 T $. China's NBS-derived P&L contribution was removed from the 56-country sample, GDP-weighted shares were recalculated, and the same ex-China world GDP was applied.
World Balance Sheet (Ex-China)
Assets
Real Assets (ex-China)
Land
227,22 T $
Other Buildings and Structures
128,51 T $
Housing
125,28 T $
Machinery and Equipment
37,75 T $
Intellectual Property
20,04 T $
Mineral/Energy Reserves
16,49 T $
Inventory/Stock
16,19 T $
Valuables
4,13 T $
Other Natural Resources
0,58 T $
Agricultural/Biological Assets
0,29 T $
Total Real Assets (ex-China)
576,48 T $
Financial Assets (ex-China)
Equity and Investment Fund Shares
405,28 T $
Loans
178,82 T $
Currency and Deposits
137,37 T $
Debt Securities
137,25 T $
Insurance/Pensions
94,44 T $
Derivatives
48,00 T $
Other Accounts Receivable/Payable
38,43 T $
Gold/SDR
9,28 T $
Total Financial Assets (ex-China)
1.048,87 T $
Assets
1.625,35 T $
Resources
Financial Resources (ex-China)
Equity and Investment Fund Shares
386,33 T $
Loans
162,53 T $
Debt Securities
147,68 T $
Currency and Deposits
130,38 T $
Insurance/Pensions
104,35 T $
Derivatives
42,34 T $
Other Accounts Receivable/Payable
36,21 T $
Gold/SDR
1,25 T $
Total Financial Resources (ex-China)
1.011,07 T $
Equity (Net Worth)
614,28 T $
Resources
1.625,35 T $
The world total including China was $1,906.9T; excluding China it is 1.625,35 T $. The difference is the sum of China's real-asset (CASS) plus financial asset/liability (PBoC/NIFD) contributions.