CHINA-ECONOMY: CHINESE UNIVERSITY SURVEYS HOUSEHOLD FINANCES IN FIRST 3 MONTHS OF 2020
The Daily Economic News reported ( released on April 21) that a survey of household finances done jointly by the China Family Finance Survey and Research Center of Southwestern University of Finance and Economics and the Research Institute of Ant Financial Services Group and released as a Report entitled the "Trend Trend of Chinese Family Wealth under the Epidemic Situation-China Household Wealth Index Survey Report (2020Q1)shows that 50.2% of households in the first quarter increased savings and reduced consumption. 40.4% of households maintained their current status basically unchanged, while only 9.4% of households reduced savings and increased consumption; and 40.4% experienced no change. The survey also found that consumers were holding back from spending those savings over concerns that: A return to public spaces might expose them to a new outbreak; Their jobs and incomes might not be secure; Price inflation may emerge; Housing prices might fall (affecting household wealth); and Housing prices might surge (pricing buyers out of the market).
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