Per capita disposable income growth continued to lag behind pre-pandemic norms, showing only an annual increase of 3.2 per cent in the first nine months of 2022 compared with 5.1 per cent between 2020 and 2021, and 7.5 per cent from 2013 to 2019.
Chinese households are saving at record levels, with household savings rate hitting 40.3 per cent of GDP in the third quarter of 2022. And it looks like the majority of them do not plan to draw down those savings. A recent survey from the Peoples’ Bank of China (PBOC) indicated that the willingness to save remained strong which does not bode well for future consumption.
This strong preference towards savings rather than spending can be seen in the context of falling net wealth, dragged down by housing and financial asset underperformance, and weakening job prospects.
Unemployment is rising, with the jobless rate among youth workers (ages 16 to 24) remaining high at 17.1 per cent.
The global slowdown is expected to constrain hiring intention at export-oriented manufacturing firms, a trend reinforced by the recent deterioration in PMI employment indices, the lowest in nearly three years. The ongoing housing downturn also weighed on job prospects in construction and related sectors.
With household debt level having doubled in a decade, any scope for more leveraged consumption will be limited.
https://news.google.com/__i/rss/rd/articles/CBMiamh0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vY29tbWVudGFyeS9jaGluYS1yZW9wZW5pbmctZWNvbm9taWMtYm9vc3QtY292aWQtcmVjb3ZlcnktcmVjZXNzaW9uLTMyMDM0NzbSAQA?oc=5
2023-01-15 22:06:00Z
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