居民收入与财富分配格局分化及背后的逻辑

The Reasons for the Differentiation of Residents’ Income and Wealth Distribution pattern

2008年国际金融危机以来,我国居民分配格局出现分化,主要表现为收入分配差距逐步减小,但财富分配差距不断扩大。内在逻辑在于:一方面,随着我国经济增长进入新常态,劳动市场供求关系发生转化,加之劳动保护、收入分配和社会保障制度的不断完善,使得低收入阶层劳动报酬增长较快,中等收入群体规模不断扩大,这些都有助于缩小居民收入分配;另一方面,国际金融危机后我国宏观投资率飙升,国内多个行业出现严重产能过剩,实体经济资本回报率大幅下降,资本为寻求高收益脱实向虚,大量进入股票、房地产等市场,引致资产价格泡沫,最终导致居民财富分配差距扩大。居民财富分配扩大背后存在着深层次的体制机制性原因,如财税、金融、医疗、养老、社保等制度的不健全不完善。未来,同居民收入分配相比,财富分配格局的走势更应引起关注,建议通过强化财税政策再分配调节作用、提高金融体系包容性、加强社会保障体系建设等多重举措解决财富分配失衡问题。

Since the international financial crisis in 2008,the distribution pattern of residents in China has diverged,mainly manifested in the gradual reduction of income distribution gap,but the gap of wealth distribu-tion has been widening.The internal logic lies in:On the one hand,as China's economic growth enters new normal,the transformation of supply and demand in the labor market,coupled with labor protection,income dis-tribution and the continuous improvement of the social security system,the low-income class benefits more,and the scale of middle-income groups is also expanding,all the above factors mentioned contribute a lot in reducing the income distribution;on the other hand,China's macro investment rate soared after the international finan-cial crisis,a number of domestic industries experienced severe overcapacity,real economic return on capital fell sharply,so much more money flows into the stock market,real estate and other markets for high returns,resulting in asset price bubbles,and eventually led to the widening of the wealth distribution gap between residents.There are deep institutional reasons behind the expansion of residents'wealth distribution,such as the imperfect sys-tems of fiscal and tax,financial,medical,old-age,social security and others.In the future,compared with the in-come distribution of residents,we should pay more attention on the wealth distribution,and it is suggested that the imbalance of wealth distribution should be solved by strengthening the role of redistribution and adjustment of fiscal and tax policies,improving the inclusiveness of financial system and strengthening the construction of social security system.