百城居民杠杆率大起底：谁在负重前行？

1阿基米德曾经说过：“给我一个支点，我就能撬起地球。”中国古代道家哲学也有“四两拨千斤”之说。这样看来，杠杆其实是个好东西。用的好，它能够帮助你实现“美好生活”的梦想。

以前老是会看到分析为什么中国人爱储蓄的文章，但现在看到的更多文章是分析中国居民为什么爱举债买房。以往金融不发达以及社会保障不健全导致家庭消费决策大大受限。

改革开放后，我们的金融创新速度大大加快，居民接受速度也很快，观念的阻碍吹弹即破。1998年之后，为了配合住房货币化改革，中国开始发展住房金融，首先是在50个大中城市推出住房按揭贷款。

自此，购房贷款逐步成为居民贷款中最大的品种。所以，当我们谈居民的杠杆时，我们可以理解为是在谈居民购房按揭产生的杠杆。一切都在朝着政策希望的方向发展。

1997年末，我国商业银行个人住房贷款余额不足200 亿元，2017年，全国个人住房贷款余额82.15万亿元，年均复合增长率约49%。

再来看住户存款余额的变化，1997年末全国城乡居民储蓄余额为4.6万亿，2017年年末全国住户存款65.20万亿，年均复合增长率仅为13%。

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