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Influence of Capital Market Stabilization on Consumption Expansion

One of the urgent problems that China needs to resolve is to expand consumption,and capital market is one of the key links in the consumption expansion strategy.The paper,from the perspective of the relationship between capital market and consumer demand,analyzes three major problems that are confronting China in its attempt to expand consumption:declining proportion of household consumption to final consumption,inharmony between consumption increase and investment growth,and imbalanced consumption structure.The channels,through which capital market influences consumption,are mainly the wealth effect of capital market,Tobin's Q effect and the balance sheet effect.The paper puts forward some countermeasures of stabilizing capital market to expand consumption,which mainly include improving the capital market efficiency,preventing too severe fluctuation of stock price and constructing multi-level capital market system.