Research On The Impact Of Financial Asset Allocation In China's Urban Households On Consumer Expenditure

Since the reform and opening up,the assets and income of the residents' families in our country have developed very rapidly.However,the problems have also been exposed.The family's asset structure is single,and economic growth depends on investment for a long time.How to solve this problem has become an urgent task for Chinese society.According to the guidance of General Secretary Xi Jinping,and insisting on supply-side reforms,this article seeks to address this issue through the following methods.This article first carried out a theoretical analysis,analyzed the characteristics of China's financial asset allocation and consumption,and then carried out international comparisons to find development differences at home and abroad and find out where the problems lie: through comparison,we found that urban households in China are still preventive savings.As a result,the uncertainty of future income is full of anxiety,leading to the problem of “not daring to spend”,resulting in weak urban residents' consumption.Then the paper uses the structural equation model method to establish a model,corrects the model,and then carries out a path analysis.It finds that risk-free financial assets,risky financial assets,and economic characteristics are significant,and proves that each has a significant impact on consumption.The positive coefficient indicates that all three potential variables have a positive effect on consumption.From the estimated value of the path coefficient,we can see that the largest estimated value is the economic characteristics,indicating that the current urban residents in China play a leading role in real estate and income,to prove that the overall financial market needs further development,the financial market has great potential.In the financial market,risk-free financial assets are even larger than risky financial assets.This shows that urban households in China still use non-risk financial assets represented by savings deposits as a major financial asset reserve,with more preventive savings and risky financial assets.Less,therefore,if we want to further develop the financial market,we should improve the risk financial market system,widen the channels for resident investment,and increase residents' property income so as to expand consumption,with a view to stimulating economic growth.In response to the above problems and empirical analysis results,we propose the following six countermeasures: First,optimize the investment environment of the securities market so that residents can have confidence in the financial market;Second,increase household disposable income and increase spending power;Third,improve the social security mechanism,reduce household savings,and eliminate the worries of ordinary people.Fourth,optimize the consumption structure,increase the level of service consumption so that consumption can become the main force for stimulating economic growth.Fifth,improve the financial consumption environment.Strengthen the regulatory role of finance in expanding consumption;sixth,increase family property income in urban areas,and fully exert asset effects to promote domestic demand growth.