Michael Pettis: Over 10 percent of Chinese adults behind on debt payments in 2025

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Michael Pettis: Over 10 percent of Chinese adults behind on debt payments in 2025 — Over 10 percent Chinese adults behind on debts

Michael Pettis, economist, professor of finance at Peking University and nonresident senior fellow at the Carnegie Endowment for International Peace, discusses new data indicating that as much as 10.6 percent of China's 1.1 billion adult population were behind on debt payments at the end of 2025.

He comments that this trend is not surprising, noting ongoing pressure on Chinese banks to increase consumer lending.

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Pettis previously highlighted concerns about hidden bad debt in China's banking sector as investors reviewed the fallout from the Huaxia Bank case. He has also noted a widespread consensus among economic policy advisors on the urgency for China to rebalance its economy, according to a separate analysis. Both issues remain under discussion as new data on consumer debt emerges.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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