A Study On The Double High Phenomenon Of Saving Rate And Debt Rate Of Chinese Residents

Since the 1990 s,China's household saving rate has been the highest in the world.The first decade of this century experienced a period of rapid growth,and reached the highest value of 42.10% in 2010,and then declined;at the same time,China's household debt ratio also increased rapidly,which is relatively high.From the current point of view,the saving rate and debt rate of China's residents are different from the phenomenon that the saving rate and debt rate of the rest of the world which is high and low.Saving and investment are inseparable and affect the development of the economy;debt and risk coexist,which is related to the economic and financial crisis.This article studies this double high phenomenon,which has strong theoretical and practical significance for understanding whether China's residents' saving rate and debt rate are at a healthy level,preventing economic and financial risks,and formulating economic and social development policies.There have been many researches on the influencing factors of savings and liabilities in the residential sector,but they mainly focus on the research on the factors affecting the savings and the behavior of the micro household sector indebtedness.There are few studies on the relationship between saving rate and debt rate and the influencing factors of macro liabilities.This article uses publicly available macro data to research the saving rate and debt rate.Firstly,this study observes the double high phenomenon of China's household saving rate and debt rate through comparative analysis.Secondly,it compares the difference between China's household saving rate and other countries through statistical comparison methods.Finally,the quantitative analysis of the influencing factors of saving rate and debt rate of the resident sector were made,and a joint model of savings and liabilities was established to explore the reasons behind the double high phenomenon.The research results show that the reason for the double high phenomenon of China's household saving rate and debt rate is mainly on the saving side.First of all,quantitative analysis shows that without considering other influencing factors,there is a "seesaw" effect on the saving rate and debt rate of our residents;when other factors are considered,this effect will be offset;this is in line with the reality that the general household saving rate and debt rate are "high on the low side".Secondly,due to the influence of ownership,when international savings are compared in the residential sector,there is an underestimation of savings in the foreign residential sector.At the same time,the decline in the dependency ratio and the widening income gap in the first decade of this century have further increased the household saving rate.Finally,under the influence of high resident income growth,real estate market prosperity,and continuous urbanization,China's residents' debt rate has grown rapidly.Such high growth risks are worth vigilance.