In China, saving has always been seen as a virtue, a security, and a strength. Whether it is to cope with emergencies or to realize dreams, Chinese are Xi used to saving money and are unwilling to go into debt. In recent years, however, this traditional saving Xi seems to have changed. China has gone from being a big saver to a "big debt". So, what exactly is causing this huge shift?
From the perspective of income level, the growth rate of disposable income of Chinese residents has slowed down significantly, and the gap between the rich and the poor is still large. From the perspective of consumer demand, the consumption structure of Chinese residents has undergone significant changes, from the previous basic living consumption to high-quality, high value-added consumption.
Especially in the fields of real estate, education, medical care, tourism, etc., residents' consumption demand is strong, but the supply is relatively insufficient, which leads to the highest quality, which in turn increases the burden on residents. In order to meet these consumption needs, many residents have had to borrow money to spend, thus increasing their debt.
From the perspective of the development of the financial market, China's financial market is still dominated by the banking industry, while the development of other financial markets such as the ** market, bond market, and insurance market is relatively lagging behind, resulting in the unreasonable allocation of financial assets of residents and the lack of effective risk management and income growth tools.
From the perspective of credit policy adjustment, China's credit policy has gone through many cycles of easing and tightening, which has led to fluctuations in residents' borrowing costs and repayment pressure. Especially in recent years, in order to prevent financial risks and control leverage, China's credit policy has tended to be tightened, resulting in an increase in the difficulty of borrowing for residents, rising interest rates, and an increase in the burden of loan repayment.
From the point of view of the perfection of the social security system, China's social security system still has problems such as insufficient coverage, insufficient level, and insufficient uniformity, resulting in a low level of social security for residents, especially in the areas of old-age care, medical care, education, etc., and residents' expenditures are far higher than social security subsidies, resulting in residents' worries.
From the perspective of residents' expectations, Chinese residents are facing many uncertainties, resulting in unstable expectations, lack of confidence in future income and consumption, and thus tend to borrow money for emergencies or reserves, increasing debt.
The increase in the debt of Chinese residents is a complex social and economic phenomenon, which has brought certain risks and challenges to China's economy and society, and needs to be paid great attention to.
In order to deal with this phenomenon, we need to take measures from various aspects, so as to rationalize and sustain residents' debts, and promote the healthy development of China's economy and social harmony and stability.