Deutsche Bank  8 月 18 日长篇，23页。
　　Over the past 2 years mortgage growth in China has surged supporting a buoyanthousing market & helping partially clear the significant property oversupply issuemany 2nd and 3rd tier cities faced.In the past 3-4 months another phenomenonhas started to emerge which is equally interesting：Short-term consumer debt inChina has started to surge.During Q2 17 household debt with a duration of lessthan one year accelerated & is now growing +34-35% yoy（faster than mortgagegrowth）and currently makes up close to 9-10% of all net new credit provisionwithin China（a level we have not seen before）.