Chinese residents’ incomes have witnessed leapfrog growth over the past 75 years, with the per capita disposable income rising from49.7 yuan (about 7 U.S. dollars) in 1949 to 39,218 yuan in 2023, a report from the National Bureau of Statistics showed on Friday.
Adjusted for inflation, China’s residents have seen their income grow by an average of 6 percent annually, resulting in a staggering 75.8-fold increase in real terms.
In 2020, China realized its goal of eradicating absolute poverty nationwide, contributing significantly to the global poverty reduction cause.
The per capita disposable incomes of rural residents who had been lifted out of poverty have continued to grow, increasing from 12,588 yuan in 2020 to 16,396 yuan in 2023, with an average annual growth of 8.2 percent, according to the report.
The income gap between urban and rural areas and among different regions has continued to narrow over the past 75 years.
Rural residents’ income growth has continued to outpace urban residents since 2012. Rural residents’ per capita disposable incomes reached 21,691 yuan in 2023, representing an average annual growth of 7 percent. The growth rate was 1.8 percentage points higher than that of urban residents.
Residents’ consumption has also surged. In 2023, per capita consumer spending reached 26,796 yuan, representing a 35.5-fold increase in real terms compared to 1956, after adjusting for inflation.
Service consumption potential has been unleashed. In 2023, the per capita expenditure on services by Chinese residents reached 12,114 yuan, accounting for 45.2 percent of per capita consumption expenditure, an increase of 5.5 percentage points from 2013, according to the report.
Reference Link:- https://english.news.cn/20240920/1e63905659e5464aa1a7276b68baa9c6/c.html