중국의 저소비율과 부문간 소득분배- 자금순환표를 이용한 분석 -

Abstract

In spite of the persistent rapid growth of the Chinese economy, there have been growing concerns about sustainability of high growth, the core of which can be said to be the sustainability of the existing growth pattern that relies heavily on investment in the midst of under-consumption. When China started Economic Reform and Opening, China inherited from the socialist planned economy an unbalanced economic structure with an overly high investment rate and overly low consumption rate. However, instead of improving, this imbalance has been worsening, especially in the first decade of the 21st century when China realized a new cycle of rapid growth. Regarding the reasons for under-consumption, many explanations have been suggested, but most researches have focused on the private sector alone. Few studies tried to explain the under-consumption phenomenon from the perspective of income distribution among sectors in the national economy. This paper conducted analysis using data of Cash Flow Tables on the Chinese Statistical Yearbooks. It was found that the excessively high and increasing percentage of the government and firms, and the resultant excessively low and decreasing percentage of the households in national income distribution, and overly low and decreasing propensity to consume by households are the reasons for under-consumption. It is suggested that, for effective transformation to a domestic demand-led growth strategy, China should direct policy efforts to the increase of household sector’s share in national income distribution and enhancement of households’ propensity to consume.