内需（一）：消费疲弱与居民部门的关系

Economic Overview - The domestic demand and economy have experienced a wave-like recovery since the transition from pandemic control measures in 2023, with significant fluctuations in domestic demand compared to stable economic growth[20]. - The actual GDP growth rates for 2023 were 4.5%, 6.3%, 4.9%, and 5.2%, indicating a wave-like recovery influenced by base effects and the search for a new equilibrium in the domestic production and demand[21]. Consumer Trends - Consumer spending has shown signs of weakness since November 2023, with retail sales growth rates fluctuating and a notable decline in year-on-year growth[32]. - In the first half of 2024, per capita consumption expenditure increased by 6.8%, significantly higher than the retail sales growth of 3.7% and disposable income growth of 5.4%[1]. Income and Savings - The increase in household savings has weakened in the first half of 2024, with a year-on-year decrease of 2.64 trillion yuan in new household deposits, which may impact consumer spending in the latter half of the year[1]. - The household debt ratio has decreased to 54.03% as of August 2024, indicating a potential shift in consumer leverage behavior[1]. Investment and Consumption Contributions - In Q1 2024, the contributions to GDP growth from investment, consumption, and net exports were 73.7%, 11.8%, and 14.5%, respectively, with consumption's contribution dropping to 46.5% in Q2[21]. - The overall performance of net exports has been strong, contrasting with weaker domestic demand, highlighting a reliance on external markets[21]. Price Indices - The Consumer Price Index (CPI) and Producer Price Index (PPI) have shown weak performance in 2024, with several months of CPI growth below historical averages, particularly in categories like living essentials and healthcare[28]. - The CPI growth rate has been particularly low in the first eight months of 2024, with significant declines in service and non-food categories compared to historical averages[31].