China: Three things in China

研报英文原文证据摘录

China: Three things in China

Goldman Sachs China

household assets, respectively. In the coming years, we expect the equity and

insurance shares of total household assets to expand significantly, while the share of

property continues to shrink.

Chinese household assets shifting from property to

financial assets

Tn RMB Tn RMB

900 900

Household total assets

800 Urban housing Rural housing 800

Auto Deposits and cash

700 700

Other financial assets

600 600

500 500

400 400

300 300

200 200

100 100

0 0

15 16 17 18 19 20 21 22 23 24 25 26

Source: Wind, CEIC, Haver Analytics, Goldman Sachs Global Investment Research

Recent GS China macro research

Thematic research:

Asia Economics Analyst: Chinese Household Balance Sheet: Structural Shift from

Property to Financial Assets Amid Ongoing Deleveraging, 17 June 2026

Asia in Focus: Cost of China’s Retail Fuel Price Management Modest and Sustainable, 5

June 2026

Asia Economics Analyst: China: Investment Share of GDP on Structurally Declining Path,

31 May 2026

Asia in Focus: China’s Import Boom and Narrowing Surplus: Gold Leads the Drag, Energy

and AI Stay Contained, 31 May 2026

Data comments and trackers:

China Economic Activity and Policy Tracker: June 18, 18 June 2026

China: Lujiazui Forum: Price-based monetary policy and rules-based capital account

opening, 18 June 2026

China: May fixed asset investment and retail sales data missed market expectations, 16

China: 70-city average primary property price decline narrowed in May, with Tier-1

cities posting sequential gains, 16 June 2026

China: SAFE data suggest some FX inflows in May, 15 June 2026

China: Credit growth surprised to the upside in May, but details show weak credit

demand, 12 June 2026

China: Media reported RMB 2 trillion data center investment not new news, 12 June