Core Viewpoint - The article discusses the challenges facing China's domestic consumption, highlighting the reliance on foreign trade and the need for stimulating domestic demand amid economic uncertainties and declining consumer confidence [2][8]. Economic Environment and Income Expectations - Social consumption is closely linked to the economic environment and income expectations, with a significant decline in disposable income growth post-pandemic [9][10]. - High-income sectors such as real estate, finance, and internet have faced salary cuts and job losses, leading to reduced consumer confidence and increased savings [10]. Social Security System - Although progress has been made in China's social security system, significant out-of-pocket expenses remain in healthcare, education, and pensions, particularly affecting middle and low-income families [3][11]. Income Distribution and Wealth Gap - There are notable income disparities across urban-rural, regional, and sectoral lines, with a small high-income group and a larger low-income group that lacks purchasing power despite having consumption needs [4][12]. - Wealth distribution in assets is increasingly concentrated among a few, while ordinary workers' income growth lags behind economic growth, reducing their marginal propensity to consume [5][12]. High Housing Prices - Housing remains a significant financial burden for many, with a large portion of household income allocated to mortgage repayments, limiting disposable income for other consumption [6][14]. - This issue is particularly acute in first and second-tier cities, where the price-to-income ratio is high [14]. Insufficient Policy Incentives - China's economic growth has historically relied on infrastructure and real estate investment, diverting funds away from consumer welfare, resulting in a low proportion of domestic consumption in GDP [7][15]. - Current tax reduction policies have limited coverage and effectiveness, particularly for middle and low-income groups, highlighting the need for structural reforms to enhance consumer spending [15].

以下文章来源于智谷趋势Trend ，作者梨花针 智谷趋势Trend . 新中产的首席财富顾问 作者：梨花针 来源：智谷趋势Trend（lD：yuanfangguanchaju） 01 在中国，到底有多少人有社保？ 2025年春节后，美团、京东、饿了么纷纷宣布将逐步给骑手交社保的好消息，近日刘强东还在朋 友圈罕见发声，呼吁更多灵活就业者获得五险一金待遇，期待各阶层一起幸福生活。 在舆论欢呼声中，不少人出现了"社保幻觉"——连外卖骑手都交上社保了，全民社保的时代快要 到来了。 1951年2月，中国颁布《劳动保险条例》，并经1953、1956年两次修订，全面建立了适用于中 国城镇职工的劳动保险制度。以劳动保险为主要标志，中国的城镇社会保障制度有了新发展。 与之对应的，农村建立了 "五保"制度，这也是第一项中国特色的乡村社会集体福利保障制度。 改革开放后，伴随企业制度改革、城乡统筹发展等一系列变化，中国社会保障改革加速。1993年 开始，中国明确"建立多层次的社会保障体系"任务，并提出"城镇职工养老和医疗保险金由单位 和个人共同负担， 至今已建成世界上规模最大的社会保障体系。 | 养老保险 | 为员工退休后的生活提供 ...

Core Viewpoint - The article discusses the evolution and current state of China's social security system over the past 30 years, highlighting its achievements in achieving near-universal coverage while also addressing the emerging disparities in benefits among different groups [2][26]. Group 1: Social Security Development Over 30 Years - Since 1993, China has established the world's largest social security system, with social pension insurance covering 1.07 billion people and medical insurance covering 1.38 billion people, achieving near-universal coverage [5][6]. - The transition from a "state-unit guarantee system" during the planned economy to a "state-social guarantee system" has expanded coverage from urban residents to the entire population, including farmers and non-state sector employees [8][26]. Group 2: Achievements in Coverage - The social insurance participation rate for pension insurance rose from 27% in 2010 to 75% in 2022, while medical insurance participation has remained stable at around 95-96% since 2018 [7][26]. - The social security system has provided systematic support to previously unprotected groups, such as farmers and non-state sector employees, who are now significant beneficiaries of the system [10][11]. Group 3: Emerging Disparities - The main contradiction in the current social security system is the unequal distribution of benefits among different groups, with significant disparities between urban and rural residents, as well as between employees and non-employees [3][16]. - The gap between employee insurance and resident insurance has widened, with pension benefits for employees being 7.28 times higher than those for residents by 2020 [19][26]. Group 4: Challenges and Future Outlook - The sustainability of the social security system requires substantial financial investment, and the burden on social security funds is increasing due to demographic changes such as aging and declining birth rates [27]. - Future efforts should focus on optimizing economic structures and seeking common interests among different social groups to enhance the effectiveness of the social security system as a safety net and economic stabilizer [27].