The myth of income， spending and financial asset growth
Morgan Stanley·2024-07-04 08:34
June 23, 2024 08:02 PM GMT Contrary to market concerns, our analysis shows still healthy growth in household financial assets, income and consumption amid de-risking efforts in China. However, some structural changes in allocation of income growth and over competition among goods and service providers could be concerns. Payment and job applications data shows consumption downgrade in first-tier cities and upgrade in rural/lower-tier cities. Job application and employment data showed a notable shift from int ...