提振消费的关键是改善收入｜宏观经济

Core Viewpoint - The low proportion of final consumption by the household sector in GDP and insufficient consumer capacity and willingness are significant reasons for weak consumption in China. The central economic work conference in December 2024 and the government work report for 2025 prioritize "boosting consumption, improving investment efficiency, and expanding domestic demand" as key tasks for 2025. Improving residents' income levels, diversifying income sources, and enhancing the income distribution system are crucial for stimulating consumption [1][2]. Group 1: Consumption and Income Distribution - The final consumption only accounts for about 65% of disposable income, which is significantly lower than international levels, lagging behind Germany by 16 percentage points and the United States by 18 percentage points [2]. - The proportion of household final consumption in GDP is approximately 15 percentage points lower than the international average, indicating a need for improvement in domestic consumption [2]. - The adjustment of household disposable income (AHDI) is a critical indicator for assessing living conditions across countries, reflecting the distribution of income between the household and non-household sectors [5][4]. Group 2: AHDI and International Comparison - China's AHDI has consistently been lower than international levels, which restricts the growth of household consumption. In 2007, the AHDI was only 59.9%, a decline of 11.2 percentage points since 1992, with a widening gap compared to other countries [6]. - In 2022, the proportion of disposable income in GDP for households was 60.3%, nearing levels in France (61.9%), Germany (61.3%), and Japan (60.9%), but the AHDI gap with major economies remains significant [8]. Group 3: Income Sources and Growth - The primary source of income for residents is wage income, which is overly reliant and affects marginal consumption propensity, leading to slower income growth [11]. - Labor income constitutes nearly 85% of disposable income, significantly higher than in Germany (71%), Japan (78%), France (75%), and the United States (64%), which results in lower consumption propensity [12]. - The average number of people per small business in China is over 100, compared to 30 in Japan and about 10 in the U.S., indicating a lack of capital income sources [12]. Group 4: Income Growth Trends - After 2020, the growth rate of household income has slowed, with the median growth rate of urban residents' disposable income lagging behind GDP growth [13]. - The average growth rate of urban residents' disposable income from 2013 to 2023 was 6.8%, while the GDP growth rate was 6.0%. Post-COVID, this growth rate further declined to 4.6%, below GDP growth [13]. - Income growth disparities are evident, with only Tibet and Xinjiang showing growth rates above 5% in 2024, while major cities like Guangdong, Shanghai, and Beijing reported lower growth rates [13]. Group 5: Wealth Distribution and Inequality - There is a significant income distribution gap, with high-income households earning 10.3 times more than low-income households, compared to 8.4 times in the U.S. and around 5 times in Western Europe [15]. - Wealth concentration is even more pronounced, with the top 10% of the population holding 82.8% of total wealth, and the top 1% holding 31.5% [15]. Group 6: Social Security and Healthcare - The social safety net is not adequately established, with low pension coverage and sustainability concerns. The average monthly pension for rural residents is only 205 yuan, while urban retirees receive an average of 3605 yuan [17]. - High out-of-pocket medical expenses, particularly in rural areas, burden low-income groups, with a self-payment ratio of 35% in 2020, higher than in the U.S. and Europe [17].