China’s central bank has warned over the dangers of a rapid build-up in the country’s household debt, urging greater oversight of mortgages and consumer loans to decrease risks to the country’s financial system.
Household leverage hit 60 per cent of China’s gross domestic product as of the end of 2018, with total debt now equal to total household income, the People’s Bank of China said in its annual financial stability report.
“The debt risks of the household sector and some low-income households in some regions are relatively prominent and should be paid attention to,” the PBOC said, calling for tougher policies to “guard against household sector debt”.
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