Research On The Family Wealth Allocation And Upgrading Of Consumption Structure In China

Consumption has become the core driving force of China's economic development.The upgrading of household consumption structure can effectively promote the industrial transformation and upgrading in China,which is increasingly important to the realization of supply-side reform and the formation of a strong domestic market.In recent years,the scale of China's household wealth stock has continued to expand rapidly,but there is no corresponding reflection in the rise of residents' consumption level and structure on the macro level.Against this background,it is of extremely practical significance to put forward policy suggestions to promote the upgrading of consumption structure by studying whether the increase of household wealth of micro residents in China has wealth effect and what impact it has on the upgrading of consumption structure.First of all,the status of household wealth effect and consumption structure upgrading is reviewed in the paper.Secondly,by analyzing the basic theories of the effect of household wealth and the upgrading of consumption structure,the internal mechanism of the impact of household wealth on the upgrading of consumption structure is obtained.Thirdly,the status quo of the upgrading of China's household wealth and consumption structure is analyzed macroscopically.Then,the impact of changes in different types of household wealth on consumption level and structure was empirically analyzed using CFPS household micro survey data for three years.The analysis results show that the average annual growth rate of China's household wealth is higher than the GDP growth rate in recent years,but the proportion of real estate in the allocation is relatively high,and the proportion of risky financial assets is relatively low.Meanwhile,the upgrading trend of China's macro consumption structure has slowed down.The empirical results show that the increase of net real estate can significantly increase household consumption,which has a wealth effect,but is not conducive to promoting the upgrading of consumption structure.Risky financial assets have both wealth effect and consumption structure upgrading effect on households.Finally,combining the status quo analysis and empirical analysis results of this paper,some policy suggestions are put forward for China to better promote the upgrading of consumption structure.