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The Real Reason Chinese Families Don’t Spend

Why don’t Chinese families spend even as incomes rise? In this episode, economist Keyu Jin explores one of the biggest mysteries in the global economy: why China’s household consumption remains among the lowest in the world, and why this isn’t about culture, frugality, or tradition. Behind the headlines about property slowdowns and youth unemployment lies a deeper issue — a growing crisis of economic trust. For millions of families, saving is not a choice. It’s a survival strategy in a system where healthcare is uncertain, pensions are limited, and one child may be responsible for two parents and four grandparents. This is the story of the “consumption trap” — a cycle where fear replaces confidence, precaution replaces spending, and long-term insecurity reshapes an entire economy. In this video, we explore: • Why Chinese households save at historically high rates • How the One-Child Policy reshaped the financial future of families • The hidden burden of elder care and medical costs • Why property became a survival asset instead of an investment • The rise of “Tang Ping” (lying flat) as a generational response • Why the government cannot easily fix the problem — even if it wants to China’s economic slowdown is often described as a demand problem. But as Keyu Jin explains, it may be something deeper a trust problem between citizens and the system meant to support them. And until that trust is restored, consumption may never return to the levels China’s economy needs. ABOUT KEYU JIN Keyu Jin is an economist at the London School of Economics. Born in Beijing, her work focuses on China’s economic transformation, globalization, financial systems, and the evolving balance of global power. DISCLAIMER This video presents analysis and commentary based on publicly available economic data, academic research, and policy discussions. It is intended for educational and informational purposes only. #KeyuJin #ChinaEconomy #ChineseMiddleClass #GlobalEconomy #EconomicAnalysis #ChinaCrisis #ConsumerSpending #ChinaGrowth