Beijing, January 17, 2024, The Europe Today: China’s per capita disposable income witnessed a notable increase in 2023, reaching 39,218 yuan (approximately 5,511 U.S. dollars), reflecting a 6.3 percent year-on-year growth in nominal terms, according to official data released by the National Bureau of Statistics (NBS) on Wednesday.
After accounting for price factors, the report from the NBS highlighted a 6.1 percent year-on-year growth in per capita disposable income, underscoring positive economic trends. Notably, the rural population experienced a faster pace of growth in per capita disposable income compared to their urban counterparts during this period.
In urban areas, the per capita disposable income reached 51,821 yuan, indicating a 5.1 percent growth in nominal terms and a 4.8 percent increase when adjusted for price factors. In rural regions, the figures stood at 21,691 yuan, demonstrating a robust growth of 7.7 percent in nominal terms and a 7.6 percent rise when adjusted for real terms.
The nationwide median of per capita disposable income during this period was reported at 33,036 yuan, with a nominal growth rate of 5.3 percent year on year. This data showcases a well-rounded overview of income distribution trends in the country.
The positive trajectory in per capita disposable income signifies encouraging economic developments, reflecting the effectiveness of various economic policies and initiatives. As China continues to strive for balanced regional development, these income growth trends contribute to fostering inclusive economic growth across urban and rural areas.
The NBS report underscores China’s commitment to monitoring and reporting on key economic indicators, providing valuable insights into the nation’s economic landscape and the well-being of its citizens. The sustained growth in per capita disposable income is expected to contribute positively to domestic consumption and overall economic stability.
