2022-10-18T03:38:00+03:00 China 2023-09-15T04:46:55+03:00

Ukrainian news

Ukrainian news

China's income growth keeps pace with decade's economic expansion

China's income growth keeps pace with decade's economic expansion

China's resident income growth has basically kept pace with the country's economic growth in the past decade, and the income gap between urban and rural residents has narrowed, the National Bureau of Statistics (NBS) said. This was reported by The Xinhua News Agency.

China's per capita disposable income stood at ¥35,128 (about $4,940) in 2021, up 112.8% from 2012. It brought the average annual nominal growth rate to 8.8% in the past decade. After deducting price factors, the average annual real growth rate was 6.6 percent, basically in line with the expanding economy, the NBS said.

The income gap between urban and rural residents has narrowed in the past decade.

In 2021, the per capita disposable income of urban residents was ¥47,412, an increase of 96.5% over 2012. The per capita disposable income of rural residents was 18,931 yuan, an increase of 125.7% over 2012.

From 2013 to 2021, the average annual income growth rate of rural residents was 1.7 percentage points higher than that of urban residents.

Consumption capacity has expanded in the past decade.

In 2021, the per capita consumption expenditure of Chinese residents was about ¥24,100, up 99.9% percent from 2012 in nominal terms, or 8% on an average annual basis. After deducting price factors, the growth rate stood at 67.4% in real terms or 5.9% on an average annual basis.

The Engel's coefficient has dropped gradually. In 2021, China's per capita expenditure on food, tobacco, and alcohol was ¥7,178, an increase of 80.2% over 2012, or 6.8% on an average annual basis.

The proportion of food, tobacco, and alcohol expenditure in consumption expenditure (Engel's coefficient) dropped from 33% in 2012 to 29.8% in 2021, down 3.2 percentage points.