Last year's lending figures paint an interesting picture of the Chinese banking sector—new loan originations hit their lowest level in nearly seven years. That's a pretty telling sign. Borrowers just aren't as eager to take on debt right now. Whether it's households pulling back or companies tightening their belts, the demand side of credit is clearly softening. This kind of data matters for anyone watching macro cycles and thinking about how economic headwinds ripple through different markets.