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Today I am sharing [China Banking Research Institute: Macro Observation 2024 Issue 33: Improving the income distribution system to help enhance the consumption potential of Chinese residents] Report producer: China Banking Research Institute

That is, the proportion of the resident sector in the final distribution pattern has increased, the proportion of the corporate sector has decreased, and the proportion of the government sector has remained stable. From 2008 to 2021, the average proportion of the resident sector in redistribution in the United States and the United Kingdom was 77.36% and 68%, respectively, an increase of about 13 and 12 percentage points from the initial distribution; the average proportion of the corporate sector in redistribution was 12.31% and 13.85%, respectively, a decrease of about 14 and 19 percentage points from the initial distribution.

This shows that in the process of redistribution of national income in these countries, the corporate sector is the net spender of redistributed income, and the household sector is the main net inflow of redistributed income. The increase in the proportion of the household sector is mainly due to the fact that the government transferred part of the corporate income to residents through transfer payments during the redistribution process. After the outbreak of the new crown epidemic, the proportion of the household sector in the redistributed national income of the United States, Britain and other countries has increased significantly. The proportion of the household sector in the redistribution of the United States has increased significantly from 77.3% in 2019 to 84.7% in 2020. This is mainly due to the government's implementation of a large-scale fiscal subsidy to residents through the "helicopter money" method, including issuing cash checks to residents and increasing federal unemployment subsidies.

Compared with the United States and the United Kingdom, the national income primary distribution pattern of countries such as Germany and Japan also presents the main characteristics of "two highs and one low" (Figure 5), that is, the resident sector and the corporate sector account for a high proportion, and the government sector accounts for a low proportion. However, in the process of national income redistribution in Germany, Japan and other countries, the corporate sector is the net spender of redistributed income, the government sector is the main net inflow of redistributed income, and the resident sector is basically flat.