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Every 100 households in China have 33 cars to repay the mortgage, leading to a decline in car consum

On December 9, the 2020 economic Blue Book of the Chinese Academy of Social Sciences was released. Zhu Baoliang, chief economist of the state information center, said that now there are 33 cars per 100 families in China. The family car retention of urban residents is 40% and that of rural residents is about 24%. In terms of automobile consumption, residents of the middle-income class can't care about getting on the bus because they spend a lot of money on paying off their housing loans, resulting in a decline in automobile consumption.