Research On Asset And Consumption Of Chinese Urban Households

The course of more than three decades' reform and opening-up in China, is the market-oriented macro-economic growth process, but also the process that household consumption demand continue to meet and upgrade. Sustained economic growth rises levels of household consumption and escalates consumption structure. Accordingly, the family of asset size,asset structure and asset choice behavior also changed significantly. As improving financial markets in China and increasing in household assets, family assets selection activities and consumption life becoming more and more closely, assets become an important factor in household consumption, household intertemporal consumption choice also make significant impacts on the financial markets and the macroeconomic.Economics study on important issues that appears in the real economy. A long time, economic growth is heavily dependent on investment and export-led situation, what leading to marked economic structure imbalance, consumption demand deficiency become normal situation in China's economic operations. How to further expand consumer demand,adjust the economic structure and growth mode, it is urgent to find a new breakthrough.Household consumption demand and asset demand, consumption structure and asset structure, asset and consumer choice behavior are the importance micro-foundation in China's macro-economic operation, correctly handle the relationship between the family assets and consumption, is becoming an important theoretical and practical issues of economic and social development at the present stage in China.In 2005 the Plenum of the CPC Central Committee explicitly pointed out that "to promote economic development and improving people's lives have always been the central task of China". Report at 17th Party Congress pointed out:"to create conditions to allow more people to own property income", "step up economic structural adjustment efforts, speed up the transformation of economic development "and promote" economic growth mainly depends on investment, export-led to rely on the consumer, investment and exports led the coordination of changes. "In 2008 the outbreak of the international financial crisis, the Party Central Committee regards adjusting the economic structure,expanding consumer demand,as one of the major tasks is related to the overall situation in China, has introduced dozens of expanding domestic demand of basic measures,4 trillion yuan economic stimulus plan and the top ten industrial restructuring and other important measures to revitalize the planning. Can be seen that the chinese government has begun to focus on strategic transformation a few years ago.In this paper will be as China's urban households its object, the use of micro-household survey data, analyzes that:present situation of assets and consumption, the relationship between assets and consumption, assets and consumer choice behavior, and the rationality of family economic structure. Putting forward proposals to alleviate macroeconomic structural imbalances and consumption demand expand, makes the implementation of economic structure adjustment and scientific development concept that formulated by the central authorities.The full text is divided into eight chapters:Chapter one for the introduction, the second chapter is to explore the basic theory of assets and consumption. Consumer theory, portfolio selection theory, consumption and investment decision-making theory, are the cornerstone of family assets and consumer issues. Family to make consumer decisions,portfolio choice,consumption and savings decisions in the real economy and life, will affect the macro-economic changes in the structure, thus affecting the optimal allocation of economic resources.Chapterâ…¢analyzes urban households present situation of assets and assets choice behavior. First, qualitatively analyze the rise of household assets accumulation and its effect of macro-micro. Secondly, using the "family assets and the assets choice behavior survey" data, analysze the urban households' current characteristics of asset,asset structure,asset choice behavior,and compared with the international.Third, using probit and tobit model analyzes the influencing factors of financial assets selection behavior, and theoretically and empirically analysze the family welfare loss of financial asset structure disorders.Chapter IV analyze urban households' consumption present situation and consumption structure.This chapter use the macro time-series data and survey data, from the macro-micro level analyze the current status and characteristics of consumer demand and the consumption structure in urban households, and international comparisons. on this basis to explore major factors of further expanding consumer demand. the Third and fourth chapters are the foundation to examine the theme of the relationship between assets and consumption.The Fifth and sixth chapters analyze the relationship between assets and consumption. Chapter V focusing on the all levels factors of family assets, studies on the impact of consumption. Including:asset inventory and asset composition, incremental assets and assets constitute,property gap impact on consumption; based on the assets wealth effect theoretical models, testing the changes in asset prices impact on the level of consumption; the use of GARCH (1,1) model describes the risk of capital gains rate, to study the fluctuations of the capital gains rate of recurrent spending, the service consumer, automotive and real estate consumption of different types of consumption. Chapterâ…¥studies the consumption of urban residents on the impact of family assets. Include: intertemporal consumption caused by household assets' accumulation and substitution effects analysis; consumption risk on the impact of assets return rate and capital markets; the dual consumption characters of financial assets choice, the family living consumption on the impact of financial consumption.Chapter VII discusses how to optimize the micro-economic structure of the family, address the problem to the expansion of consumer demand. Based on the rational analysis between the rate of household consumption and the consumption structure, the structure of household assets, the assets and the consumption structure, as well as investment, consumption, export demand,This chapter were the rate of household consumption and the consumption structure, the structure of household assets, the assets and the consumption structure, as well as investment, consumption, export demand, put forward an overall framework to optimize the family economic structure,and make a proposal of expand the consumer demand for this problem. Include:to ensure the long-term stability growth of household income, to strengthen structural control of the income; improve Social insurance system in Urban, to reduce uncertainty; to optimize the internal structure of consumption expenditure in urban residents; giving full play to asset effect,boost demand growth of domestic; to upgrade the environment for financial consumption,meet the needs of family demands for finance and consume.In this paper, as urban households for study object of assets and consumer issues, mainly in the following areas of innovation:1. Using micro household survey data, more comprehensive analysis of urban households in the assets and consumer issues. this paper bases on the "family assets and assets choice behavior," studies assets status,asset choice characteristics,the international comparison of asset choice,the factors of effecting financial assets choice behavior,as well as the welfare loss that limitedly involvs in financial assets.2. Preliminarily building on research framework of the relationship between assets and consumption.more in-depth theoretical and empirical research that the relationship between assets and consumption from three aspects, include:the impact asset on consumption, consumption affect on the assets, family assets and consumption relationship.3. From the point of view that family structure of micro-economic level and family assets and consumer relations, to study how expand consumption demand. this paper writing from optimizating micro-economic structure, attempts to raise the rationalization of identification indicators and their number standard, in order to putting forward proposals for alleviating macroeconomic structural imbalances and expansion consumption demand.It can be seen that this article from the point of view that the structure of micro-economic level of families and family assets and consumer relations, in order to adjust the macro-economic structure and the expansion of consumer demand in the provision of micro-basic research. Owing to the extensive and the complexity of household assets and consumption content, There are more or less some deficiencies about the attempts, which need further generalization and improvement in the future studies.