为什么消费刺激不起来

Core Viewpoint - The article discusses the disparity in wealth distribution in China and its impact on consumer spending, highlighting that a small percentage of high-net-worth individuals hold a significant portion of the country's savings, which affects overall consumption levels [1][2][3]. Group 1: Wealth Distribution - As of May 2025, total deposits in China reached 326 trillion yuan, with household deposits at 160 trillion yuan, and the one-year deposit interest rate has fallen below 1% [1]. - The top 10% of depositors control nearly 70% of total deposits, while around 600 million people have deposits close to zero [1]. - The top 20% of high-net-worth families own approximately 83% of household deposits, while the bottom 40% hold only about 2.5% [2]. Group 2: Consumer Behavior - The article argues that the focus of consumption stimulation should be on high-net-worth individuals rather than the working class, as the current policies do not effectively address the wealth concentration issue [2][3]. - There is a notable difference in consumption patterns between China and the U.S., where the top 10% of earners account for 50% of consumption in the U.S., while in China, the top 20% only account for 40% [3][4]. Group 3: Service Consumption - The disparity in service consumption between China and the U.S. is significant, with the latter having a higher percentage of spending on services such as healthcare, legal, financial, and education [3][4]. - In the U.S., service consumption constitutes over 65% of total consumption, while in China, many services are state-run and do not cater to the wealthier population's needs [3][4]. Group 4: Economic Implications - The article suggests that the concentration of wealth leads to a lack of effective consumer spending, as extremely wealthy individuals tend to be frugal and do not significantly contribute to stimulating the economy [5][6]. - The ongoing wealth gap poses a challenge for economic policies aimed at boosting consumption, as the majority of the population lacks sufficient disposable income to drive demand [8].