China's income growth keeps pace with decade's economic expansion
0 Comment(s)
Print
E-mail Xinhua, October 12, 2022
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 Tuesday.
China's per capita disposable income stood at 35,128 yuan (about 4,940 U.S. dollars) in 2021, up 112.8 percent from 2012. It brought the average annual nominal growth rate to 8.8 percent 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 yuan, an increase of 96.5 percent over 2012. The per capita disposable income of rural residents was 18,931 yuan, an increase of 125.7 percent 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 yuan, up 99.9 percent from 2012 in nominal terms, or 8 percent on an average annual basis. After deducting price factors, the growth rate stood at 67.4 percent in real terms or 5.9 percent 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 yuan, an increase of 80.2 percent over 2012, or 6.8 percent on an average annual basis.
The proportion of food, tobacco, and alcohol expenditure in consumption expenditure (Engel's coefficient) dropped from 33 percent in 2012 to 29.8 percent in 2021, down 3.2 percentage points.
