The Impact Of Consumer Credit On The Consumption Structure Of Urban Residents

As one of the three troikas that drive economic growth,as the uncertainty of the international environment faced by China's economy is increasing,the state attaches more importance to consumption,especially after the 2008 global financial crisis.With the support of national policy measures to promote consumption development,the consumption demand of Chinese residents has been increasing,and the contribution rate of final consumption to China's GDP has increased from 45.3% in 2007 to 58.8% at the end of 2017.As China's economy enters a new normal,while the total consumption of residents continues to rise,the people's demand for higher levels of consumption has gradually become prominent.The party's 19 th National Congress indicates that China's economy is currently undergoing a transition to high-quality growth.In the current period,the main contradictions we have faced have changed.It is "the contradiction between the people's growing need for a better life and the development of inadequate imbalances." In the process of continuous development and changes in the total consumption and consumption structure,consumer credit has played a significant role in promoting changes in household consumption.Throughout the research in related fields,it is found that scholars in the study of the relationship between consumer credit and household consumption mainly focus on the role of consumer credit on the daily consumption of residents,while the research on consumer structure of consumer credit is rare.China's economy has entered a new era,and profound changes have taken place in all aspects of the economy.Has the role of consumer credit also changed and whether there are differences in different regions of China? Therefore,based on the analysis of the mechanism of consumer credit affecting the consumption structure of consumers,this paper empirically verifies the effect of consumer credit on the consumption structure of residents,and compares whether the changes have occurred in the new period,and also the consumption credits in different regions of China.An empirical analysis of the promotion of the consumption structure of residents.In the preface,the article mainly introduces the research background,significance,research methods and possible innovations and shortcomings of the article.Then the second part,through the combing of related research at home and abroad,introduces the research on consumer credit behavior to the consumer behavior on the one hand,and finds less research on consumer credit and consumer consumption structure;on the other hand,through introduction The current academic approach to the measurement of consumption structure provides support for the metrics that will be used in this article.In the third part,the article makes a brief introduction to consumer credit and consumer loans,and sorts out the mechanism of consumer credit on the consumption structure of residents.China's consumer credit is based on housing loans.Consumer credit started late in China.From 1985,CCB issued the first housing loan.This also announced that consumer credit has started to develop in China,but the real consumer credit is It started only after 1998.After a few years,it experienced a small peak.However,due to many problems,it was constantly adjusted by the policy.After the financial crisis in 2008,consumer loans were also affected.In the third stage afterwards,in order to cope with the impact of the financial crisis,the state began to adjust its policies,from the early pilot of consumer finance companies to the gradual nationalization and the participation of the Internet platform in the layout of consumer finance.The credit market continued to prosper.By the end of 2017,the national consumer loan balance reached 31.52 trillion yuan.For a long time,China's consumer credit market also has its own characteristics.For example,medium and long-term loans dominated by housing loans occupy the main body;the development between regions is extremely uneven,and the eastern region is dominated.However,with the changes in economic forms in recent years,there have been many new changes in the field of consumer credit,including the emergence of new consumer credit supply entities(such as consumer credit finance companies,Internet platforms,etc.)and consumer credit varieties.With the increasing use of Internet technologies such as big data and other major technologies,this series of new changes has made the consumer credit market more prosperous.On the other hand,the consumption structure of urban residents in China has also undergone great changes.From the Engel coefficient,the Engel coefficient of urban residents fell below 30% for the first time in 2015,and entered the stage of prosperity.At the same time,in the new era,The proportion of residents' food,clothing,and basic living expenses has been declining continuously,while the proportion of development and enjoyment expenditures has steadily increased,and the growth rate of development-type expenditures in the new period has also been higher than that of basic survival expenditures.Following this,the article makes a theoretical analysis of the mechanism of consumer credit affecting the consumption structure of residents.Consumer credit is essentially a resident individual borrowing money from himself,thus breaking through the constraints of current resource endowments that I have received in each period,so as to achieve the purpose of regulating consumption.Therefore,the article introduces a simple cross about consumer credit affecting household consumption.Period model.As the consumption quality aspect of consumption structure,while the consumption of residents changes,the qualitative aspect of consumption structure will also change accordingly.The article analyzes the three aspects of consumer credit consumption,crowding effect and compensation effect,and systematically introduces the impact of consumer credit on residents' structure.Then,the article uses the provincial panel data of China to reduce the impact of consumer credit on the consumption structure of the country as a whole.Because the availability of data is limited,the empirical part of the article takes the data of urban residents as the research object.The results confirmed that consumer credit can indeed promote the current proportion of residents' enjoyment of consumer spending.At the same time,due to the profound changes in the economy in the new era,the role of consumer credit has become more prominent,although it is not significant overall;due to China's vast territory,the level of economic development in different regions,residents' consumption concepts and habits are very large.Differences,therefore,the article then empirically analyzes the regional differences in the role of consumer credit based on the perspective of the eastern,central and western regions.It is found that the current consumption credit has a greater effect on the urban residents' consumption structure in the eastern region and is statistically significant.However,the improvement of the consumption structure of urban residents in the non-eastern region is small and not obvious.Based on the previous series of analysis,the article concludes with relevant theoretical and empirical analysis and puts forward relevant suggestions.Revenue is the foundation for residents to improve their consumption structure.At the same time,it is necessary to optimize the supply of credit products,and to develop credit products with local characteristics in the development of credit markets in the central and western regions.To better play the role of consumer credit,we must improve relevant Legal facilities.On the other hand,we must also pay attention to the negative effects of consumer credit.The main innovation of this paper is to verify the impact of consumer credit on the consumption structure of residents with macro data.In general,consumer credit will promote the development of residents to improve the proportion of consumer spending in the daily consumption of residents;After entering the new period,the empirical analysis of the role of consumer credit has been carried out,and empirically analyzed the regional differences.Since the country has started statistics on the unified urban and rural population,the follow-up study can analyze the data with a more complete calibre at the macro level,and consider adding factors such as consumption inertia for analysis.