According to the latest news, from the beginning of 2020 to January 2024, the net deposits of Chinese households reached 5824 trillion yuan, of which 82% are time deposits. The total amount of new deposits in these four years is equivalent to the sum of 2009 to 2019. In 2022 and 2023, it contributed 1784 trillion yuan and 1667 trillion yuan, the fastest growth since the statistics. This growth has not been affected by the reduction of fixed deposit rates by banks.
According to the analysis of IB**, the super-trend growth of residents' deposits mainly comes from the change in the use of deposits, rather than a simple decrease in consumption. The report shows that as of the third quarter of 2023, the decrease in home purchases in the residential sector led to a 5% increase in deposits7 trillion yuan, and the decrease in the purchase of wealth management products has also brought 4Deposits increased by 5 trillion yuan.
Hot Engine Program Behind this data may reflect a shift in Chinese households' financial attitudes, which are more inclined to long-term savings and rational consumption. Rather than putting their funds in high-risk wealth management products, they value stable fixed deposits more, and they also pay more attention to home investment. This change may also have some implications for banking business models and product design. As China's household wealth structure changes, banks and other financial institutions should also adapt and meet this demand in a timely manner.