Research On The Influencing Factors Of Chinese Residents' Consumption

Since China's economy entered the new normal,the operation of various important indicators has deviated considerably,and the economic growth rate has changed from high-speed to medium-high-speed.After the financial crisis in 2008,consumption has become the main driving force of economic growth when the contribution rate of export and investment to economic growth has weakened.Looking at the current situation of consumption in China,we are faced with the following problems:First,horizontal comparison shows that China's consumption rate is at a low level.Compared with other countries,China's consumption is not only lower than that of developed capitalist countries,but also lower than that of Japan and Korea.Second,vertically,China's consumption rate has been declining for nearly 10 years.Most of the consumption rates in developed countries have been stable or rising steadily.Moreover,the consumption rate in Russia,which is at the same level of development,has also fluctuated upwards.Why has China's consumption rate continued to decline?Third,after the 2008 financial crisis,China's economic development model has been constantly adjusted,the economy is facing a severe blow from exports,and the contribution rate of investment to economic growth has declined.At the same time,China's consumption rate has also continued to decline and there is no obvious improvement trend.This will undoubtedly increase the risk cost of economic transformation,which is not conducive to the long-term development of China's future economy.Therefore,it is very important to study the influencing factors of consumption for promoting China's economic growth and balanced development of regional econony.By effectively integrating consumption theory,embeddedness theory of new economic sociology and multi-level statistical model theory,this paper constructs a theoretical model of resident consumption based on macro-embeddedness perspective,and solves the path of influencing factors of resident consumption and the accuracy of the impact of macro-embeddedness variables on resident consumption.Based on the panel data of 27 provinces in China from 2003 to 2016,this paper empirically analyses the influencing factors of household consumption from the perspective of macro-embedding.The results show that:(1)37.25%of the overall difference in urban residents' consumption in China is explained by the two-tier social embeddedness of urban residents' consumption in different provinces,of which 28.17%is explained by the macro-embeddedness of urban residents' consumption;Among the overall differences in rural residents' consumption in China,35.01%of the share is explained by the two-tier social embeddedness of rural residents' consumption in different provinces.Among them,29.29%is explained by the macro-embeddedness of rural residents' consumption.(2)Income and consumption habits have a positive impact on urban and rural consumption,while uncertainty has a negative impact on urban and rural consumption,but population structure has a positive effect on urban consumption and a negative effect on rural consumption.(3)The basic influencing factors of rural consumption are more susceptible to the influence of economic embeddedness variables;The change of political embeddedness enhances the positive influence between consumption habits and urban consumption,and weakens the positive influence between consumption habits and rural consumption;The increase of environmental embeddable variable sulfur dioxide emissions weakens the negative relationship between uncertainty and urban consumption,and strengthens the negative correlation between uncertainty and rural consumption.