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Housebuyers will also have to make a minimum deposit of 30%.

ECONOMIST: A plan to stop ordinary folk from buying cars

During America's boom, it was easy to get a mortgage for 100% or more of the value of a home, but Chinese buyers have had to put down a minimum deposit of 30%.

ECONOMIST: China's economy

In America it was easy to get a mortgage for 100% or more of the value of a home, but Chinese buyers must put down a minimum deposit of 20-30%, depending on the home's size, and as much as 40% on second homes.

ECONOMIST: China is pretty well placed to cushion a global downturn