But the driving force behind growth has been mainly
rising household consumption, Zhou said in remarks published on the People's Bank of China's (PBOC) website on Monday.
Not exact matches
Rising income and rising uncertainty both suggest that we should expect higher, not lower, household savings rates, which in turn imply that household income must grow faster, not slower, than household consum
Rising income and
rising uncertainty both suggest that we should expect higher, not lower, household savings rates, which in turn imply that household income must grow faster, not slower, than household consum
rising uncertainty both suggest that we should expect higher, not lower,
household savings rates, which in turn imply that
household income must grow faster, not slower, than
household consumption.
With total payments little changed, the
rise in scheduled payments has had no obvious implications for
household consumption.
First, substantial direct or indirect wealth transfers from the state sector to Chinese
households will unleash a surge in
household consumption as
household income
rises (and because the interest on bank deposits is an important source of income for most middle and lower middle class
households, if the authorities reduce interest rates, as struggling borrowers are demanding, China actually moves in the wrong direction).
But closing down unnecessary capacity can pay for itself, even if unemployed workers are temporarily put on the government payroll (causing debt to
rise, but usually by less than it had before), but only temporarily as Beijing takes other measures to boost
household income through wealth transfers from the state and so to boost
consumption, a form of demand which is likely to be more labor intensive than the demand created in the process of over-capacity.
At the same time unemployment will
rise, which will partially reduce the savings rate, but worried Chinese
households with jobs will cut back on
consumption, which will increase the savings rate.
This group of super spenders is expected to see its population double over the next five years to 100 million
households, and as an economic force they are poised to eclipse the impact of
rising but less - wealthy consumers: Their
consumption is currently growing at 17 percent a year, compared to just 5 percent among emerging - middle - class and middle - class consumers.
German investment rates did not
rise to match the increase in savings (in fact I think investment actually declined), nor did
consumption among ordinary German
households surge.
As savings were force up structurally, whether because of
rising income inequality or a declining
household share of GDP, the system responded in ways that were sustainable (increases in productive investment) and in ways that were unsustainable (
rising inventory in China, increases in speculative investment in the US, China, and Europe, and increases in credit - financed
consumption in the US and southern Europe).
The speed with which China's GDP growth slows in 2013 will tell us a lot about how determined Beijing is to rebalance the economy in such a way that growth is driven more by higher
household income and
consumption and less by investment funded by
rising government and government - related debt.
In the September quarter,
household consumption rose by 1.1 per cent, a slight increase from the pace in the June quarter, but less than might have been expected given the boost to incomes from the budget measures.
Rising consumer confidence and low interest rates have contributed to strong growth in
household consumption.
The recent step - up in growth has been underpinned by strong
household consumption, which
rose by 1.6 per cent in the September quarter, propelled by a sharp increase in disposable income flowing from recent fiscal initiatives.
Partly because of these significant gains,
consumption has
risen faster than
household disposable income over this period, and there has been a corresponding fall in the saving ratio.
Against this backdrop, we maintain our scenario of a strengthening cyclical recovery, with euro area GDP growing at around 1.8 % this year and next, above potential, on the back of
rising domestic demand (
household consumption and investment) fuelled by bank credit.
Households are bound to become more cautious if the prospect of an economic downturn increases, and this would show up as weaker
consumption and a
rise in precautionary savings.
Obviously, if
households have more debt, a
rise in interest rates will affect them more than if they had less, and so income after mortgage payments would fall more, and so would
consumption.
Smaller size and higher purchasing power of urban
households compared to rural areas will give
rise to new
consumption trends.
When agent density
rose — from zero to six agents over six years — these
households saw a daily per capita
consumption increase of about 18.5 percent.
The increase in use of words like «choose,» «compete,» «private,» «autonomy» and «innovation» demonstrated a growing prevalence of individualistic values coinciding with sharp
rises in urban population,
household consumption and education levels.
The energy
consumption of these gadgets is
rising 5 percent a year, and they will soon consume more per
household than a refrigerator.»
They created a survey comparing transportation patterns, energy
consumption, and use of public space, which they administered to 249
households in four downtown Chicago high -
rises and 273 single - family homes in Oak...
49
Rising Energy Costs for Consumers Average annual household utility bills have increased 48 % since 1980 (adjusted for inflation)-- Add in today's average annual gasoline budget per household and today's estimated annual home energy budget is over $ 3,800 Electricity costs continue to rise, with some utilities requesting rate increases of 35 % or more Spending on electricity is the highest share of total consumer spending since the energy crisis of 2000 Energy consumption has been rising along with costs — Electricity consumed by the typical American household has more than doubled since 1980 and is expected to increase another 20 % b
Rising Energy Costs for Consumers Average annual
household utility bills have increased 48 % since 1980 (adjusted for inflation)-- Add in today's average annual gasoline budget per
household and today's estimated annual home energy budget is over $ 3,800 Electricity costs continue to
rise, with some utilities requesting rate increases of 35 % or more Spending on electricity is the highest share of total consumer spending since the energy crisis of 2000 Energy
consumption has been
rising along with costs — Electricity consumed by the typical American household has more than doubled since 1980 and is expected to increase another 20 % b
rising along with costs — Electricity consumed by the typical American
household has more than doubled since 1980 and is expected to increase another 20 % by 2015
During this same period, annual electricity
consumption per
household actually fell from 94.9 to 89.6 million Btu per
household --- meaning that
rising household energy expenditures came from
rising energy costs, not increased usage.
Beyond
household achievements, the report fails to deal with the implications of the full energy ladder, which is that levels of energy
consumption in poor countries will
rise 50 to 100 times higher through processes of modernization.
The difference between the DRA in Gomboc and the electricity records in Plant is that the former revealed electricity
consumption patterns at a much higher level detail, such that stronger inferences could be drawn about the precise
household activities giving
rise to those
consumption patterns (e.g., marijuana grow operation).