## Figure 2.2.1. Characteristics of China’s Household Debt (Percent)

## Source details

**Canonical URL:** [Figure 2.2.1. Characteristics of China’s Household Debt (Percent)](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-2-1.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-2-1.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-2-1.pdf.json)

---

### 1. Housing-to-Assets and Mortgage-to-Debt Ratios, and Homeownership
- Housing-to-assets ratio: defined as the ratio of housing assets to total assets.
- Mortgage-to-debt ratio: defined as the ratio of mortgage debt to total debt.
- Homeownership displayed across income quintiles Q1 to Q5 (lowest to highest) and age groups (15–29, 30–44, 45–59, 60+).
- Data display axes markers: 0, 25, 50, 75, 100 (percent scale for housing-to-assets and homeownership).

### 2. Mortgage Participation Rate
- Mortgage debt participation rate is computed across age groups.
- Age refers to the age of the head of household in panel 2.
- Displayed across age groups 15–29, 30–44, 45–59, 60+ and income quintiles Q1 to Q5.

### 3. Debt-to-Income and Debt-Service-to-Income Ratio
- Debt-to-income (multiple) and debt-service-to-income (percentage) ratios are presented by income quintiles Q1 to Q5.
- Ratios are scaled by the share of each household quintile in total debt.
- Displayed year markers: 2011 and 2015.
- Axes markers shown: 0, 20, 40, 60, 80, 100 and 0, 200, 400, 600, 800 (for debt-to-income scaling).

### 4. Loan Balance-to-Value Ratio
- Loan balance-to-value ratio presented (no additional numeric labels beyond axis markers in the figure).

### 5. Distribution of Household Debt by Debt-to-Income Groups
- Debt-to-income categories shown:
  - Below 2
  - Between 2 and 3
  - Between 3 and 4
  - Above 4
- Example reference multiples noted in the figure: Debt-to-income ratio = 1 and Debt-to-income ratio = 5.
- For panel 5, a ratio above 4 indicates a highly indebted household.
- Axes markers shown: 0, 10, 20, 30, 40 (percent scale by income quintile).

### 6. Response of Consumption to Income Shocks
- The response of consumption-to-income shocks is the coefficient in the cross-sectional regressions of the percentage change in consumption on the percentage change in income between 2013 and 2015 among households tracked in the survey.
- Displayed across income quintiles Q1 to Q5.
- Axes markers shown: 13, 14, 15, 16, 17, 18 (coefficient scale).

Notes and definitions
- Data shown are mainly for urban households from different income quintiles (Q1 to Q5, lowest to highest).
- Debt-service-to-income is presented as a percentage; debt-to-income is presented as a multiple.
- In panel 2, “age” refers to the age of the head of household.
- Debt-to-income (multiple) and debt-service-to-income (percentage) ratios by income quintiles are scaled by the share of each household quintile in total debt.

*Sources: IMF staff calculations, based on China Household Finance Survey; see Gan and others 2013 for details.*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-2-1.pdf_