Research On The Influence Of Consumer Credit On Urban Residents' Consumption Based On PSTR Model

As China's economy steps into the "new normal" phase,economic growth has presented new characteristics.Consumption has replaced investment as the mainstay of demand growth.The supply-side reform strategy has made consumption increasingly prominent as the "stabilizer" for economic d eve lop me nt.Thro ugh upgrading of consumption,it promotes industrial upgrading and fosters new consumer hotspots,which in turn creates new supply drivers and economic growth drivers driven by consumption.As an important financial means for promoting consumption and stimulating effective demand,consumer credit can smooth the urban residents' current income and future expected income by mitigating liquidity constraints,thus maximizing consumer utility and realizing the goal of promoting consumption and stimulating economic development.It is of great practical significance to study the impact of consumer credit on urban residents' consumption and explore effective ways to stimulate domestic demand and promote sustained and stable economic and financial development.This paper combines theoretical analysis and empirical test,following the research approach of "theoretical basis-realistic investigation-empirical analysis-policy advice",analyzes and studies the impact of consumer credit on China's urban residents' consumption,and proposes policy recommendations based on empirical results.Firstly,in the introduction,the background and research significance of the topic were introduced,the related literatures of domestic and foreign scholars were collected,studied and reviewed,the research ideas and contents of this paper were combed out,and the technology roadmap was made and the the main innovations and deficiencies of this article was summarized;secondly,in the theoretical foundation chapter,the concept definition and description of consumer credit,household consumption expenditure and consumption structure were carried out,this chapter expounds the theoretical basis of traditional consumer theory and consumer credit influencing household consumption,and analyzes the current and inter-temporary smooth effects of consumer credit on household consumption,and proves the smooth effect of consumer credit on residential consumption from a theoretical and mechanistic perspective.Then in the chapter of the reality review,we reviewed the development history and current status of China's consumer credit,and examined the development of China's urban residents' consumption,conducted empirical research for the following article and proposed policy recommendations to solidify the foundation;then,in the empirical research chapter,through the construction of the panel smooth transformation(PSTR)model,empirically studies the impact of China's consumer credit on urban household consumer spending and the development of enjoyment-type consumer spending.The results verify the decisive role of income on household consumption and show that the current consumer credit has a positive effect on the total consumption expenditure of urban residents and the development of enjoyment-type consumer spending.Consumer credit pro motes urban residents'consumption and improves the consumption structure of residents.Finally,in the section on policy recommendations,combining the empirical results and the inspection of the current situation of China's resident consumption,corresponding policy recommendations were proposed to promote the consumption of residents and improve the lives of residents from different angles.