The Chinese, who historically were savers with an aversion to debt, are rapidly warming to the concept of borrowing to buy a car, resulting in automakers pushing financing deals to boost sales in the country. China's auto market struggled last year thanks to the slowest economic growth in 25 years and a stock market rout, but rebounded in October when the government cut sales tax on smaller cars. Nearly 30% of cars bought in China last year were on credit, up from 18% in 2013, according to Sanford C. Bernstein and Deloitte, which has boosted the car market after a disappointing 2015. “Chinese consumers have been very aggressive about their spending habits,” said Mr. Li, whose company is based in Shanghai.
The Chinese, who historically were savers with an aversion to debt, are rapidly warming to the concept of borrowing to buy a car, resulting in automakers pushing financing deals to boost sales in the country. Nearly 30% of cars bought in China last year were on credit, up from 18% in 2013, according to Sanford C. Bernstein and Deloitte, which has boosted the car market after a disappointing 2015. “Chinese consumers have been very aggressive about their spending habits,” said Mr. Li, whose company is based in Shanghai.