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| Srl | Item |
| 1 |
ID:
161874
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| Summary/Abstract |
In this paper, we compile China's household balance sheet and apply this perspective to the analysis of household financial conditions. Specifically, we first address some technical issues on the balance sheet accounts, and detail the estimations of two important asset items, “dwellings” and “automobiles.” Next, through reading the sheets, we provide an international comparative analysis, and show: (1) China's households are still on their early stage of wealth accumulation, and this trend is associated with a changing structure in favour of financial assets. (2) Although being subject to relatively low insolvency and liquidity risks, the sector has experienced, generally contrary to major developed or emerging countries, a climbing leverage cycle since the global financial crisis. These findings imply that China's policymakers should, on the one hand, make further efforts to help households accumulate wealth with an improved structure in terms of liquidity and risk diversification, and on the other hand, need to pay high attention to the increasing household financial stress and the potential risk contagion.
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| 2 |
ID:
132207
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| 3 |
ID:
150794
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| Publication |
New Delhi, Ministry of Finance, 2017.
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| Description |
xiv, 319p.pbk
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Copies: C:1/I:0,R:0,Q:0
Circulation
| Accession# | Call# | Current Location | Status | Policy | Location |
| 058935 | 338.954/IND 058935 | Main | On Shelf | General | |
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| 4 |
ID:
182805
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| Summary/Abstract |
Thanks to four-decade spectacular economic growth, China's households have been accumulating a stockpile of wealth. In such a context, further concerns have been raised about the relationship between wealth accumulation and improvement of economic well-being, mainly through consumption. The issue becomes even more important when considering the challenges facing China in recent years, which can be characterized by a mix of increasingly leveraged households, escalating housing price, sluggish consumption, slowing economic expansion, trade frictions with the United States, and the Covid-19 pandemic and resulting economic difficulties. With that background in mind, this paper first provides international evidence on the relationship between household consumption and wealth, especially in the form of houses. Drawing on a panel of aggregate data for fourteen countries including China, we find that household consumption positively responds to changes in housing wealth, and this link is further affected by different levels of government spending and financial development. We next relate the international evidence to the case of China, with the focus on some recent policy issues over housing regulations and consumption promotion. Importantly, as the evidence and underlying theories suggest, housing wealth-consumption association does not follow a simplistic pattern, and thus, multiple policy measures could and should be undertaken rather than merely curbing speculative activities in real estate exchanges and associated financial business.
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