Chinese household assets surge 18pc, debt also soars, survey finds
Mainland Chinese households saw their financial assets increase at the second fastest pace worldwide, according to a 2017 wealth survey by Allianz
The wealth of Chinese families has increased sharply over the past year, underscoring the rising prosperity of the nation’s middle class, but also raising concerns over rising debt levels, according to an annual survey by Allianz.
In its latest Global Wealth Report, the German insurer estimated that China’s households recorded 17.9 per cent growth in financial assets last year, lifting the nation’s gross financial assets to €22.649 trillion (US$26.344 trillion).
China ranked the No 2 fastest growing country worldwide in terms of percentage gains in financial assets, following Argentina’s 54.1 per cent growth.
However, Chinese households liabilities rose by 23 per cent and now account for 61 per cent of the total liabilities of Asia excluding Japan, said Allianz.
“Though [Chinese households’] overall debt ratio of 45.1 per cent is still comparatively low, the pace of the increase gives cause for concern,” said Allianz chief economist Michael Heise said in the Global Wealth Report.
Financial assets that were factored in by Allianz’s report include cash and bank deposits, receivables from insurance companies and pension institutions, securities and other receivables.
