Abstract: Based on the difference between Chinese urban and rural residents' consumption situation under Chinese urban-rural dual structure,we improved the model of Lettau-Ludvigson(2001) by adding credit card number as a new independent variable,and tested the elasticities of per capita household consumption expenditure on per capita income,stock market capitalization,price index of house for sell and credit card number in view of urban and rural respectively.We found obvious higher elasticities for rural residents than urban ones,and credit card number affect consumption second only to income.So we recommend that the difference between urban and rural residents’ consumption behaviors should be fully recognized,the importance of mining rural consumer market should be emphasized,and we should pay attention to the change of China's consumer attitudes and spending habits and promote the healthy development of the credit card industry in order to stimulate consumption growth.