Household Leverage Ratios Exceed 100% in Hangzhou, Top 80% in Zhejiang Province and Shanghai

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The latest official data indicates that the economic powerhouse of Zhejiang province is host to the country’s most highly leveraged households.

The “NIFD Quarterly Report on Macro-leverage” (NIFD季报宏观杠杆率) just released by the National Institute for Finance and Development (国家金融与发展实验室) looked at the household leverage ratios of 34 Chinese cities, and found that the Zhejiang province capital of Hangzhou came in first with a figure of 103.2%.

The five Chinese cities with the highest household leverage ratios were:

  1. Hangzhou (103.2%),
  2. Xiamen (96.3%),
  3. Wenzhou (91.1%),
  4. Haikou (83.8%),
  5. Shenzhen (82.3%).

The “China Financial Stability Report (2019)” (中国金融稳定报告(2019) ) just recently released by the Chinese central bank further indicates that China’s average household leverage ratio stands at over 60%, with at least eight province-level administrative units ahead of this figure including:

  1. Zhejiang (83.7%),
  2. Shanghai (83.3%),
  3. Beijing (72.4%),
  4. Guangdong (70.6%),
  5. Gansu (70.1%),
  6. Chongqing (68.6%),
  7. Fujian (65.8%),
  8. Jiangxi (63.1%).
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