The China Household Finance Survey is conducted by the China Family Finance Survey and Research Center, which is a non-profit academic institution established by Southwestern University of Finance and Economics. The first survey was completed in 2011, and a 6th survey is currently in its 2nd phase. Survey samples are distributed in 29 provinces and more than 260 counties (districts and county-level cities), covering about 26,000 households.
The survey collects information about housing, assets, debt and credit, income and expenditure, social security and insurance, intergenerational transfer payments, demographic characteristics, employment status, and more.
The 2013 survey found income and asset distribution to be highly uneven across the country, with the median income in rural areas well below that in the city.
History and mission
The Survey and Research Center for China Household Finance was established in 2010 as a non-profit academic research institution. Based out of Southwestern University of Finance and Economics and the Research Institute of Economics and Management, the center's main objective is implement the nationally representative China Household Finance Survey (CHFS). Two rounds of the survey have been successfully completed to date, and the next round is scheduled for summer 2015.
CHFS is a groundbreaking project that collects micro-level financial information about Chinese households all over the country. This includes information about housing and financial assets; liabilities and credit restraints; income and expenditures; social security and insurance; intergenerational transfer payments; demographic characteristics; employment status and payment habits; and many others. The resulting data provides domestic and foreign researchers with a valuable information resource. By collecting and analyzing this information, China is better able to understand itself and the world is better able to understand China.
Sample design and survey implementation
First Round: 2011 Survey
The primary sampling units were taken from 2,585 counties (including counties, districts and county-level cities) all over the country with the exceptions of Tibet, Xinjiang, Inner Mongolia, Hong Kong, Macao, and Taiwan.
The project employed a stratified three-stage probability proportion to size (PPS) random sample design. The first stage of sampling uses counties; the second stage of sampling uses residential communities from the counties; the final stage of sampling uses extracted households from the neighborhoods and village committees. Each stage of sampling was implemented using the PPS sampling method, weighted by its population size. Interviews were carried out by highly trained students from Southwestern University of Finance and Economics (SWUFE). Each student was required to complete 56 hours of training and pass an exam before being allowed to participate. Households drawn in the sample had to refuse to be interviewed three times or be unavailable six times before being excluded from the survey. Local community representatives were extremely supportive of the project.
The first round of the China Household Finance Survey was completed in August 2011 in 25 provinces, 80 counties, and 320 communities throughout the country. The total sample size was 8,438 households and 29,450 individuals.
Second Round: 2013 Survey
In 2013, the survey experienced a large expansion. The primary sampling unit (PSU) covered cities and counties all over the country except for Tibet, Xinjiang, Hong Kong, Macao, and Taiwan. The sampling design allowed the data to be not only nationally representative, but also provincially representative.
The second round of CHFS was completed in August 2013 in 262 counties (areas and cities at the county level), and 1,048 village communities, with a sample scope of more than 28,000 households.
Third Round: 2015 Survey
The third round of the China Household Finance Survey will be conducted in summer 2015 and expanded to approximately 35,000 households.
Quarterly Telephone Survey
CHFS accessed households' phone numbers in order to conduct quarterly follow-up interviews. These follow-up interviews are conducted using Computer Assisted Telephone Interviews (CATI) (see 3.2). The CATI questionnaire includes: expectations about housing and stock prices; employment status; financial market participation and earning status; and income and expenditures.