粤开宏观：破解中美消费迷思：从统计核算到实物量的全面比较（2025）

Group 1: Consumption Comparison - The per capita consumption expenditure in the U.S. is nearly 11 times that of China, but this figure may overstate the consumption gap due to significant price differences[3] - The consumption rate (final consumption expenditure/GDP) in the U.S. is over 20 percentage points higher than in China, with the U.S. at 67.9% and China at 39.9% in 2024[14] - The difference in consumption rates primarily stems from the service sector, where the U.S. service consumption rate is 45.8%, compared to China's 17.9%[22] Group 2: Structural Consumption Insights - Chinese residents allocate 41.4% of their commodity consumption to food, which is 16 percentage points higher than in the U.S.[30] - In terms of durable goods, the ownership of basic appliances in China is comparable to the U.S., but there is a significant gap in ownership of upgraded appliances like dishwashers and microwaves[60] - The average living space per person in China is approximately 50-60% of that in the U.S., indicating a need for improvement in living quality[65] Group 3: Regional Disparities - The variance in per capita consumption expenditure among Chinese provinces is significantly greater than that among U.S. states, with a coefficient of variation of 32% in China compared to 12% in the U.S.[36] - The highest per capita consumption in China is in Shanghai at 53,000 RMB, while the lowest is in Tibet at 17,000 RMB, showing a disparity of 3.0 times[36]