Research Background and Conceptual Definition of Chinese Household Finance

Sibo Zhao () and Dawei Zhao ()
Additional contact information
Sibo Zhao: Central University of Finance and Economics
Dawei Zhao: Financial Research Institute of the People’s Bank of China

Chapter Chapter 1 in The Household Finance Issues in China, 2024, pp 1-17 from Springer

Abstract: Abstract Over the past half century, rapid technological progress and the globalization of social finance have created tremendous economic prosperity for China while also deeply embedding Chinese households in modern financial systems, becoming an important factor affecting the productivity and quality of economic development of the entire nation. Currently, the total wealth of Chinese households is experiencing explosive growth. According to the Global Wealth Report 2022, the size of Chinese household wealth has increased to $85 trillion (about RMB 600 trillion). China’s per capita wealth has reached $76,639 (about RMB 540,000), more than 10 times what it was 21 years ago. Data from the China Wealth Report 2022 also confirms that in 2021, the total amount of household wealth reached RMB 68.7 trillion, ranking second in the world, next only to the United States; household assets averaged RMB 1.34 million. On a structural level, physical assets (primarily real estate) account for 69.3% of total wealth, while financial assets account for 30.7%; financial assets of household residents are still concentrated in low-risk financial assets such as cash, demand deposits, and time deposits, accounting for about 53%, while equity assets and public funds account for about 19%.

Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-97-0706-5_1

Ordering information: This item can be ordered from
http://www.springer.com/9789819707065

DOI: 10.1007/978-981-97-0706-5_1

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().