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 them pushing for deals to boost sales in the country . Nearly 30 % of cars bought in China last year were on credit , up from 18 % in 2015 , according to Sanford C. Bernstein and others , which has boosted the car market after a disappointing 2015 . BYD , backed by Warren Buffett's Berkshire Hathaway, said with 13.6 percent of its sales done on credit, financing was already making considerable contribution to its profits. This is also welcome news to the Beijing government which is encouraging its people to borrow and spend more so as to shift the nation 's overall economy .
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 them pushing for deals to boost sales in the country . Nearly 30 % of cars bought in China last year were on credit , up from 18 % in 2015 , according to Sanford C. Bernstein and others , which has boosted the car market after a disappointing 2015 . This is also welcome news to the Beijing government which is encouraging its people to borrow and spend more so as to shift the nation 's overall economy .