Research On The Impact Of Consumer Credit On Economic Growth In China

Under the current economic system, the transformation of economic growth as soon as possible has become an important focal point of deepening reform. Investment is an important contribution to economic growth, accounting for a large share of GDP. But in the last five years, the proportion decreased. Under the socialist market economy, deepening reform of the premise, the transformation of economic growth mode from the "export-oriented" or "investment-oriented" to "domestic demand-oriented" has become no delay. Domestic demand, mainly refers to consumer demand of domestic consumers, "expanding domestic demand, pulling growth" model of economic growth has been achieved wide recognition. In this context, how the expansion of domestic demand, to stimulate economic growth and economic transformation are complemented? The US is the world’s largest economy, also is the strongest country of consumption capacity, and the contribution of consumption to GDP has exceeded 70%, and consumer credit has a set of sound system. Besides that, the development of consumer credit in the developed countries is much earlier than that in China, and consumption plays an important role in promoting the economic growth of these developed countries. Could we find the place that is worth to draw lessons from in the process of the development of consumer credit in these developed countries? What role it could bring which is our consumer credit to GDP growth? These are worthy of our discussion.In this paper, the transmission mechanism of consumer credit and economic growth is used to analyze how consumer credit affects economic growth. The impact of consumer credit on consumer demand is a direct impact to expand consumer demand, adjust the consumption structure, stimulate economic growth; the impact of investment is indirect, which makes the impact of the use of investment scale, investment structure and consumption demand on the change of investment to promote economic growth. In theory, the effect of consumer credit on economic growth is analyzed. At the same time, it also introduces the development of consumer credit in China and the United States and Japan. In the analysis of the impact of consumer credit on economic growth, this paper uses econometric methods to empirically test the impact of consumer credit on GDP. Through both theoretical and empirical analysis, finally this paper puts forward relevant policy recommendations: to change the traditional consumption concept; to establish a diversified consumer credit system; to improve the system of relevant laws and regulations; to promote the reform of the social security system and perfect; to build and perfect personal credit rating system; to perfect our country consumer credit risk prevention measures. From the perspective of policy, this paper argues that complete the economic transformation from the further development of consumer credit, increasing consumer demand, stimulating economic growth.