Housing demand and household saving rates in china: Evidence from a housing reform

Chen, Binkai; Yang, Xi; Zhong, Ninghua

doi:10.1016/j.jhe.2020.101693

Cited by 18 publications

(11 citation statements)

References 22 publications

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“…The savings rate reduced to below 35% is necessary to boost domestic circulation 29 and may solve the problem of income inequality (Kakwani et al, 2019), and increase disposable income per capita. Post-retirement Chinese population faces pressure on their modest retirement income from health care, home ownership and other factors (Chen et al, 2020). Improvements in the social protection system, reforms in the field of health care and education will contribute to the reduction of the savings rate.…”

Section: Resultsmentioning

confidence: 99%

Impact of external and internal factors on China’s economic growth

Kheyfets

Chernova

2022

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Relevance. China is the dominant trading partner for many countries of the world. The new plan for the Chinese economic development in 2021–2035, based on the “double circulation” model, has become the subject of vigorous debate. Research objective. The study aims to identify China’s economic growth drivers before and during the COVID-19 pandemic and evaluate the impact of external and internal factors on China’s economic growth, taking into account future strategic changes. Data and methods. To identify the growth factors of GDP, we used a factor model based on GDP components by spending and the data provided by the State Bureau of Statistics of the PRC for 2007–2020. Results. Over the past decade, the contribution of GDP components that shape domestic demand has been steadily reduced. The decline in the share of net exports in GDP growth was replaced by the fluctuations in the external and domestic demand shares in the subsequent periods. The evaluations show that in 2020, 1% of 3.56% of China’s economic growth in GDP (in national currency) was provided by net exports and 2% of 3.56% was provided by an increase in gross capital formation. Conclusions. The increase in the contribution of net exports to GDP growth was caused not only by the growth of exports with a slowdown in the growth of imports but also by the redistribution of the shares of all factors and primarily by the sharp reduction in the share of the contribution of household expenditures to consumption. To promote domestic circulation through personal consumption, it is necessary for China to lower the savings rate, solve the problem of income inequality, and increase disposable income per capita.

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Section: Resultsmentioning

confidence: 99%

Impact of external and internal factors on China’s economic growth

Kheyfets

Chernova

2022

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“…The rate of household savings in China is among the highest in the world. It has experienced a substantial surge in savings rates in the past two decades, with household savings as a share of disposable income almost doubling, from 16% in 1992 to 30% in 2009 (Chen et al , 2020). For comparison, based on OECD data [1], in 2016, total household savings (per cent of household disposable income) in China was 36.14% while that of the USA, UK, New Zealand and South Africa was 6.99%, 1.74%, 0.02% and −0.91%, respectively.…”

Section: The Backgroundmentioning

confidence: 99%

The ‘Dual Circulation’ development model of China: Background and insights

Javed

Tao

et al. 2021

RAMJ

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Purpose Global supply chains experienced unprecedented changes in 2020 and the relationship between domestic and global markets needed adjustments considering the long-term impacts of the changes that are unfolding around these markets. China has become the first country to announce a formal strategy – “Dual Circulation” Strategy (DCS) – to guide its self-reliant economic development in the post-COVID era. However, what exactly is the DCS and what drove China to publicize this strategy is not yet clear. This study aims to answer these questions. Design/methodology/approach Based on an extensive review of literature and media reports, a background has been constructed that justifies the DCS as a long-overdue historic necessity. Findings A novel definition of “Dual Circulation” is introduced. A novel construct to visualize the domestic circulation in light of international and domestic markets and international circulation has been presented. The study argues that maintaining optimum levels of consumption and saving rates is crucial to the DCS’s success. Originality/value The study pioneers the first scientific definition of the “Dual Circulation” that will pave way for future debate on the topic. Also, it is the first time an academic study on the DCS has been executed.

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“…Referring to existing literature [27,40], the population structure is divided into the urban−rural structure of population (URS), age structure of population (ASP), population consumption structure (PCS), population employment structure (PES) and population education level (PEL). Non-population structure factors include population size (PS), economic development expressed by per capita gross domestic product (PGDP), potential of water (PW), industrial structure (IS), and technological progress expressed by water consumption of 10,000 RMB gross domestic product (WGDP).…”

Section: Variables Affecting Industrial Water Consumptionmentioning

confidence: 99%

Mechanism Study on the Impact of China Population Structure Change on the Water Use of the Three Main Industries

et al. 2021

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As the principal part of economic and social development, the demographic factor is the fundamental factor driving the change of water resources, and achieving the harmony of human and water has been one of the most important tasks to promote high-quality development. Based on Maslow’s hierarchy of needs theory, this article applied panel data for 19 years and employed impulse response functions and threshold models to do a mechanism analysis of the impact of population structure changes on the water consumption changes of the three main industries. The study found the following: Firstly, the urban population promotes an increase of the total water consumption, industrial water consumption, and domestic water consumption, which suppresses agricultural water consumption and shows an inverted “N” trend. Secondly, the aging population has expanded the total water consumption, and agricultural and domestic water demand, and reduced industrial water consumption. Thirdly, food consumption helps to reduce the total water consumption and agricultural water consumption, but increases the industrial water consumption and the growth rate rises. Fourthly, the increase in the proportion of agricultural employment reduces the total water consumption, and agricultural and domestic water consumption, and increases industrial water consumption. Fifthly, the total water consumption and domestic water consumption both increase with the improvement of the population education level, while the agricultural water consumption declines first and then rises. The empirical results can provide a reference for analyzing the driving mechanisms of regional water consumption changes.

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Housing demand and household saving rates in china: Evidence from a housing reform

Cited by 18 publications

References 22 publications

Impact of external and internal factors on China’s economic growth

Impact of external and internal factors on China’s economic growth

The ‘Dual Circulation’ development model of China: Background and insights

Mechanism Study on the Impact of China Population Structure Change on the Water Use of the Three Main Industries

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