Economist: Chinese people have no money to spend, while the government wastes it

Yin Jianfeng, Chief Economist of China Zheshang Bank (CZbank), recently published two articles focusing on the situation of Chinese people not spending money while the Chinese government is spending indiscriminately, sparking discussions. Yin also directly pointed out that there are three major crises in China's finances.

In the analytical article "Why don't the Chinese consume?" Yin Jianfeng observed the demand structure of the gross domestic product (GDP) of major countries from 2012 to 2021, and found that the consumption rate of Chinese people is only 38%, 18% points above the global average, and the investment (capital formation/GDP) ratio is 19% points higher.