Household deposits have decreased by 1.2 trillion yuan, and consumption has skyrocketed. Where has the money gone?-瞭望新时代网-瞭望时代，放眼世界

Household deposits have decreased by 1.2 trillion yuan, and consumption has skyrocketed. Where has the money gone?

2023-05-17

In April, household deposits decreased by 1.2 trillion yuan, while consumption increased by 18.4% year-on-year. What is this? Household deposits decreased by 1.2 trillion yuan. According to data released by the central bank recently, RMB deposits decreased by 460.9 billion yuan in April, a year-on-year increase of 552.4 billion yuan. Among them, household deposits decreased by 1.2 trillion yuan, non-financial enterprise deposits decreased by 140.8 billion yuan, fiscal deposits increased by 502.8 billion yuan, and deposits from non banking financial institutions increased by 291.2 billion yuan. Compared to the 9.9 trillion yuan increase in household deposits in the first quarter, there was a significant decrease in household deposits in April. What is the reason for this? Dong Ximiao, the chief researcher of Zhaolian and a part-time researcher at the Financial Research Institute of Fudan University, told China New Finance that with the stability of the capital market and the recovery of net worth of wealth management products, residents' willingness to invest in wealth management has gradually recovered, and some deposits have returned to the capital market and wealth management market. Recently, gold prices have risen rapidly, and some residents have also increased their allocation of gold related assets. Meanwhile, this is also related to the continuous decline in deposit interest rates for a period of time. Xu Hongcai, Deputy Director of the Economic Policy Committee of the China Policy Science Research Association, pointed out to China New Finance that an important reason for the decrease in household deposits is the decrease in deposit interest rates. Residents believe that the return on money stored in banks will decrease, so some deposits are "moved" to wealth management. The Chief Economist of CITIC Securities clearly believes that deposits in the residential sector will decrease in April of recent years, with seasonal characteristics. According to data released by the Central Bank of China New Finance and Economics, household deposits have decreased in the past few years in April. Household deposits decreased by 624.8 billion yuan in April 2019, 799.6 billion yuan in April 2020, 1.57 trillion yuan in April 2021, and 703.2 billion yuan in April 2022. In clear view, the decline in household deposits this year is significantly higher than in 2022. One important reason is the decline in residents' willingness to save, or due to a rebound in risk appetite, consumption, and a decrease in deposit interest rates. In the first quarter of this year, a survey of urban depositors by the central bank showed that residents who tend to "consume more" and "invest more" accounted for 23.2% and 18.8% respectively, an increase of 0.5 and 3.3 percentage points compared to the previous quarter; 58% of residents tend to save more, a decrease of 3.8 percentage points compared to the previous quarter. The 18.4% increase in consumption in April is reflected in the significant increase in the proportion of residents who tend to consume more, as reflected in the data. According to data released by the National Bureau of Statistics on May 16th, the total retail sales of consumer goods in April reached 3491 billion yuan, an increase of 18.4% year-on-year and 7.8 percentage points faster than the previous month. Regarding the reason for the significant rebound in consumption growth rate, Xu Hongcai analyzed that as the impact of the epidemic subsided, consumption in April continued the trend of recovery in the first quarter. In addition, the low consumption base in April last year led to a significant increase in consumption growth rate due to the base effect. Today

Edit：Hou Wenzhe Responsible editor：WeiZe

Source：chinanews.com

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