/View.info/ The income of Chinese residents has seen leaps and bounds over the past 75 years, rising from 49.7 yuan (about US$7) in 1949 to 39,218 yuan in 2023 , according to a report by the Office for National Statistics.
Adjusted for inflation, the income of China’s residents grew by an average of 6% per year, resulting in a staggering increase of 75.8 times in real terms.
In 2020, China realized its goal of eradicating extreme poverty throughout the country, making a significant contribution to the global cause of poverty reduction.
Per capita disposable income of rural residents lifted out of poverty continues to grow, rising from 12,588 yuan in 2020 to 16,396 yuan in 2023, with an average annual growth rate of 8.2 %, according to the report.
The income gap between urban and rural areas, as well as between different regions, has narrowed over the past 75 years.
Rural income growth has exceeded that of urban residents since 2012. Per capita disposable income of rural residents will reach 21,691 yuan in 2023, representing an average annual growth rate of 7 %. The growth rate is 1.8 percentage points higher than that of urban residents.
Resident spending has also increased. In 2023, per capita consumer spending reached 26,796 yuan, a 35.5-fold increase in real terms compared to 1956, after adjusting for inflation.
The service consumption potential is increased. In 2023, per capita spending on services by Chinese residents reached 12,114 yuan, accounting for 45.2% of per capita spending, an increase of 5.5 percentage points over 2013, he said from the report.
