The Chinese consumer has leveraged up considerably in the last decade, to keep up with the rapid price increases in the economy. Their debt to household income ratio is quickly approaching the rate you see in the US. They appear to be making the same turn that the Japanese did from ~1998 forward, in going from being a nation of high savers to low savers and high debtors in a short span of time.

"By the end of 2017, the ratio of total household debt to disposable personal income hit 107.2 percent. This number is above the level in the US before the 2008 financial crisis. The structure of China's household debt has also diversified. Housing mortgages only increased slightly in 2017. ... But other types of loans, especially short-term loans, increased rapidly last year. One reason for this is that families have to seek other ways to finance their home purchases due to the tighter controls on mortgages. "

http://www.globaltimes.cn/content/1115334.shtml

"China’s household finances look more stretched than those in most emerging markets, though the level of household debt remains less than that in most developed economies, Fitch Ratings said in a report on Tuesday. China’s household debt-to-disposable income ratio, a gauge of indebtedness, has jumped 9 percentage points every year since 2015, driven by mortgages and other consumer debts. If left unchecked, the ratio could hit 100 percent by 2020 versus 82 percent at end-2017, Fitch said. That would put China on par with the United States and Japan, whose household debt ratios are estimated to be at 105 percent and 99 percent, respectively."

https://www.reuters.com/article/china-economy-household-debt...

"On the back of a boom in property prices, household borrowing has been climbing for 10 years straight, at a pace that rivals any such run-up in major economies. At $6.7 trillion, and a record 50 percent of gross domestic product, private debt is now approaching developed-world levels and crimping consumer spending power."

https://www.bloomberg.com/news/articles/2018-04-24/the-7-tri...