The incomes of the Chinese have increased by as much as 75 times in 75 years

The incomes of the Chinese have increased by as much as 75 times in 75 years

The incomes of Chinese citizens have seen tremendous growth over the past 75 years, with per capita disposable income rising from 49.7 yuan (about seven US dollars) in 1949 to 39,218 yuan in 2023, a report by the National Bureau of Statistics showed. .

Adjusted for inflation, Chinese citizens experienced an average annual income growth of six percent, resulting in an astonishing 75.8-fold increase in real terms, China’s Xinhua News Agency reported.

In 2020, China achieved the goal of eradicating absolute poverty at the national level, which significantly contributed to global poverty reduction.

Per capita disposable income of rural people in rural areas that have emerged from poverty continued to rise, increasing from 12,588 yuan in 2020 to 16,396 yuan in 2023, with an average annual growth rate of 8.2 percent, the report said.

The income gap between urban and rural areas, as well as between different regions, has continued to narrow over the past 75 years.

Rural residents’ income growth has continued to exceed urban residents’ income growth since 2012. The growth rate was 1.8 percentage points higher than that of urban residents.

The consumption of citizens has also increased significantly. In 2023, per capita consumption will reach 26,796 yuan, an increase of 35.5 times in real terms compared with 1956, after accounting for inflation.

Source: Beta

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