{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,26]],"date-time":"2026-08-26T05:20:24Z","timestamp":1787721624837,"version":"build-2784847793"},"reference-count":19,"publisher":"Frontiers Media SA","license":[{"start":{"date-parts":[[2026,8,26]],"date-time":"2026-08-26T00:00:00Z","timestamp":1787702400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["frontiersin.org"],"crossmark-restriction":true},"short-container-title":["Front. Public Health"],"abstract":"<jats:sec>\n                    <jats:title>Objective<\/jats:title>\n                    <jats:p>This study examines whether China's diagnosis-related group\/diagnosis-intervention packet (DRG\/DIP) healthcare payment reform changes household financial asset allocation and explores the institutional and household pathways associated with that response.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Methods<\/jats:title>\n                    <jats:p>We link official 2019 and 2021 pilot designations to five waves of the China Family Panel Studies (CFPS) from 2014 to 2022 and estimate a staggered difference-in-differences model with individual and year fixed effects and city-clustered standard errors.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Results<\/jats:title>\n                    <jats:p>\n                      In the fully adjusted specification, reform is associated with a 0.3952 increase in ln(1+household financial product value) (SE = 0.1301;\n                      <jats:italic>p<\/jats:italic>\n                      &amp;lt; 0.01), equivalent to an approximately 48.5% increase in 1+reported portfolio value. The result is robust to PSM-DID, an inverse hyperbolic sine transformation, exclusion of cross-city movers, and 5,000 city-level placebo permutations. In a pre-trend diagnostic comparing the 2021 cohort with never-treated cities, the 2014, 2016, and 2018 coefficients are jointly indistinguishable from zero [F(3, 64) = 0.442;\n                      <jats:italic>p<\/jats:italic>\n                      = 0.724]. Exploratory two-step tests are consistent with changes in household consumption expenditure, the mode of government intervention, and industrial upgrading; the estimated effect is stronger among households without a spouse, lower-expenditure households, and households with internet access.\n                    <\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Conclusion<\/jats:title>\n                    <jats:p>The findings suggest that healthcare payment rules may have household-welfare spillovers by improving the capacity to cope with medical expenditure risk and strengthening household financial resilience. The mechanism results are interpreted as channel-consistent evidence rather than causal mediation.<\/jats:p>\n                  <\/jats:sec>","DOI":"10.3389\/fpubh.2026.1949561","type":"journal-article","created":{"date-parts":[[2026,8,26]],"date-time":"2026-08-26T04:45:19Z","timestamp":1787719519000},"update-policy":"https:\/\/doi.org\/10.3389\/crossmark-policy","source":"Crossref","is-referenced-by-count":0,"title":["Healthcare payment rules and household asset allocation: evidence from China's DRG\/DIP reform"],"prefix":"10.3389","volume":"14","author":[{"given":"Jiyang","family":"Li","sequence":"first","affiliation":[{"name":"School of Economics and Management, Wuhan University","place":["Wuhan, China"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Rui","family":"Pan","sequence":"additional","affiliation":[{"name":"School of Social Sciences, Tsinghua University","place":["Beijing, China"]}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1965","published-online":{"date-parts":[[2026,8,26]]},"reference":[{"key":"B1","doi-asserted-by":"publisher","first-page":"32","DOI":"10.13723\/j.yxysh.2020.03.007","article-title":"Evaluation of medical service efficiency in China and its influencing factors [in Chinese]","volume":"33","author":"Jiang","year":"2020","journal-title":"Yixue yu Shehui."},{"key":"B2","doi-asserted-by":"publisher","first-page":"45","DOI":"10.14055\/j.cnki.33-1056\/f.2022.12.004","article-title":"Bibliometric comparison of the implementation status and effects of DRG and DIP [in Chinese]","volume":"39","author":"Chen","year":"2022","journal-title":"Weisheng Jingji Yanjiu."},{"key":"B3","doi-asserted-by":"publisher","first-page":"90","DOI":"10.19546\/j.issn.1674-3830.2025.4.012","article-title":"Factors affecting medical insurance settlement payment rates under DIP: city-level empirical evidence [in Chinese]","author":"Jiang","year":"2025","journal-title":"Zhongguo Yiliao Baoxian."},{"key":"B4","doi-asserted-by":"publisher","first-page":"58","DOI":"10.19546\/j.issn.1674-3830.2022.10.011","article-title":"Necessity and feasibility of incorporating cross-regional medical treatment within a province into DRG payment [in Chinese]","author":"Xu","year":"2022","journal-title":"Zhongguo Yiliao Baoxian."},{"key":"B5","first-page":"168","article-title":"International practice and implications of DRG prospective payment for medical services [in Chinese]","volume":"42","author":"Cao","year":"2025","journal-title":"Zhongguo Weisheng Shiye Guanli."},{"key":"B6","first-page":"51","article-title":"Health risk, medical insurance, and household consumption [in Chinese]","volume":"34","author":"Yang","year":"2020","journal-title":"Baoxian Zhiye Xueyuan Xuebao."},{"key":"B7","doi-asserted-by":"publisher","first-page":"31","DOI":"10.15936\/j.cnki.1008-3758.2020.02.005","article-title":"The effect of health risk on urban household consumption: evidence from 5,640 Chinese households [in Chinese]","volume":"22","author":"Ding","year":"2020","journal-title":"Dongbei Daxue Xuebao."},{"key":"B8","doi-asserted-by":"publisher","first-page":"3","DOI":"10.13502\/j.cnki.issn1000-7636.2026.02.001","article-title":"Medical expenditure uncertainty and consumption among older households [in Chinese]","volume":"47","author":"Li","year":"2026","journal-title":"Jingji yu Guanli Yanjiu."},{"key":"B9","first-page":"9","article-title":"Measurement and spatiotemporal evolution of precautionary saving motives among Chinese residents: provincial panel evidence from 2000 to 2023 [in Chinese]","volume":"26","author":"Guo","year":"2024","journal-title":"Shanxi Caizheng Shuiwu Zhuanke Xuexiao Xuebao."},{"key":"B10","first-page":"83","article-title":"The effect of basic pension insurance on household housing and financial asset allocation: evidence from the China Household Finance Survey [in Chinese]","author":"Tian","year":"2024","journal-title":"Nanfang Jinrong."},{"key":"B11","first-page":"41","article-title":"Population aging and household financial asset allocation: effects and policy responses [in Chinese]","author":"Cai","year":"2022","journal-title":"Jinrong Zongheng."},{"key":"B12","doi-asserted-by":"publisher","first-page":"68","DOI":"10.19699\/j.cnki.issn2096-0298.2019.12.068","article-title":"Risk control in household financial management [in Chinese]","author":"Zheng","year":"2019","journal-title":"Zhongguo Shanglun."},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.14129\/j.cnki.forwordposition.2026.01.009","article-title":"Household population aging, resident consumption, and consumption structure: the mediating role of precautionary saving [in Chinese]","author":"Zhao","year":"2026","journal-title":"Qianyan."},{"key":"B14","doi-asserted-by":"publisher","first-page":"39","DOI":"10.13781\/j.cnki.1007-9556.2026.04.004","article-title":"Basic pension insurance and consumption among urban employed households: reassessing insurance type and contribution level [in Chinese]","volume":"48","author":"Ye","year":"2026","journal-title":"Shanxi Caijing Daxue Xuebao."},{"key":"B15","first-page":"130","article-title":"Commercial health insurance, precautionary saving motives, and household consumption: theory and evidence [in Chinese]","author":"Yi","year":"2023","journal-title":"Jinrong Yanjiu."},{"key":"B16","first-page":"22","article-title":"The effect of medical insurance system reform on individual consumption behavior [in Chinese]","volume":"14","author":"Wang","year":"2025","journal-title":"Xiaofei yu Pinpai Chuanbo"},{"key":"B17","article-title":"Comprehensive medical system reform and household consumption structure upgrading [in Chinese]","author":"Lu","year":"2026","journal-title":"Xiaofei Jingji."},{"key":"B18","doi-asserted-by":"publisher","first-page":"235","DOI":"10.11842\/chips.20250311002","article-title":"Government economic policy uncertainty and household financial asset allocation in China [in Chinese]","volume":"21","author":"Hou","year":"2025","journal-title":"Keji Cujin Fazhan."},{"key":"B19","doi-asserted-by":"publisher","first-page":"45","DOI":"10.19820\/j.cnki.ISSN2096-7411.2023.03.005","article-title":"The macroeconomic effects of economic policy uncertainty [in Chinese]","volume":"4","author":"Si","year":"2023","journal-title":"Tongji Xuebao."}],"container-title":["Frontiers in Public Health"],"original-title":[],"link":[{"URL":"https:\/\/www.frontiersin.org\/articles\/10.3389\/fpubh.2026.1949561\/full","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,8,26]],"date-time":"2026-08-26T04:45:29Z","timestamp":1787719529000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.frontiersin.org\/articles\/10.3389\/fpubh.2026.1949561\/full"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,8,26]]},"references-count":19,"alternative-id":["10.3389\/fpubh.2026.1949561"],"URL":"https:\/\/doi.org\/10.3389\/fpubh.2026.1949561","relation":{},"ISSN":["2296-2565"],"issn-type":[{"value":"2296-2565","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,8,26]]},"article-number":"1949561"}}