易车：2025降低负债助力中国车市跨越“中产陷阱”-中国购车家庭收支洞察报告之负债篇（英文版）（28页）.pdf

1、Insights on Household Income&Expense of Chinese Car Buyers Debt Burden(2025)TengYi Research InstituteDebt Relief Helps Chinas Car Market Overcome the“Middle-Income Trap”AuthorsDirector/Chief ALijun ZhouIndustry ABenya ShiFrom 2015 to 2019,driven by the continuous boom in real estate and successive c

2、ollapses in P2P finance,debt penetration among Chinese car-buying households rose rapidly.In both 2019 and 2020,it exceeded 80%,meaning that more than four out of five households were in debt like living under a sword hanging overhead,possible to fall at any time.The pressure eased somewhat during t

3、he latter stages of the pandemic and declined further after the pandemic ended,dropping below 70%to 65.97%in 2024.Some households who purchased homes between 2010 and 2019,despite taking out 20-or 25-year mortgages,managed to repay their loans early often about 10 years into the mortgage thanks to i

4、ncome growth and interest rate fluctuations,which helped reduce household debt.Between 2020 and 2024,the number of judicially auctioned homes increased sharply across China,forming a striking new phenomenon;In 2024,total debt of car-buying households in China was concentrated in the range of RMB 200

5、,000-700,000,accounting for nearly 40%of the total.The RMB 500,000700,000 bracket was the most prominent,making up close to 14%.The proportion of households with debts exceeding RMB 700,000 dropped significantly:those owing RMB 700,0001,000,000 fell to slightly above 10%,RMB 1,000,0001,500,000 decli

6、ned to around 9%,and RMB 1,500,0002,000,000 to about 6.5%.Although only less than 3%of households owed more than RMB 2,000,000,their large absolute amounts notably pushed up the overall average.In 2024,average household debt among Chinese car buyers still reached as high as RMB 620,000.Assuming econ