Economic Context - Insufficient domestic demand has become a major issue for China's economic operation, particularly post-pandemic, with retail sales growth significantly declining[3] - In the first half of 2024, cumulative consumption growth was only 3.7%, a decrease of 4.5 percentage points compared to the same period last year[3] Income Distribution Issues - The current income distribution structure in China shows a low proportion of resident income, with labor compensation being a significant factor[2] - From 2008 to 2020, the average share of resident income in the initial distribution was 51.4%, lower than the U.S. (64.7%) and other developed countries[16] - The income gap between urban and rural areas remains substantial, with the income ratio of the top 20% to the bottom 20% in rural areas being 9.2, compared to 6.3 in urban areas[67] Consumption Behavior - The relationship between income distribution and consumption behavior is critical, as a low share of disposable income leads to insufficient consumption capacity[24] - The marginal propensity to consume decreases as income increases, which can suppress overall consumption demand when income disparities widen[27] Recommendations for Improvement - Enhancing the income distribution system is essential for unlocking consumer potential, as proposed in the 20th Central Committee's Third Plenary Session[2] - The report suggests increasing the proportion of labor compensation in the initial distribution and optimizing the tax structure to improve income equity[2][90] - Developing capital markets and diversifying investment channels for residents can help increase property income, which currently accounts for only 8.5% of disposable income, significantly lower than the U.S. (15.5%)[55]
宏观观察2024年第33期（总第544期）：《中共中央关于进一步全面深化改革 推进中国式现代化的决定》解读系列之一-完善收入分配制度，助力提升我国居民消费潜力＊
中国银行·2024-07-30 02:30