Well-being of China’s citizens improving
Disposable income per capita in China rose 10.4% for the first three quarters of 2021.
China’s median income per capita expanded to 26,265 yuan or $4,080 in the first half of 2021. This makes a nominal increase of 10.4% from the same period a year ago. Including price factors, the actual growth is measured at 9.7%.
These metrics certainly differ in rural and urban areas. The median disposable income per capita in China’s metropolises amounts to 35,947 yuan or $5,580, having logged a 9.5% increase in the first half of 2021. Allowing for price factors, the actual growth comes in at 8.7%. The same metric is significantly lower in rural areas. It equals 13,725 yuan or $2,130 for a country dweller. The nominal growth is 11.6% and the real one is 11.2%.
China’s government is determined to notch up a victory in its struggle against poverty. So, Beijing aims to push GDP per capita to the levels of medium-income European economies such as Spain, Greece, and Portugal. The pledge was made in October 2020.
According to the World Bank, China’s GDP per capita was assessed at $9,770.85 as of 2018, bearing in mind a 1.5-trillion population in the second largest global economy. This economic indicator is way under $30,370.98 in Spain, $23,407.91 in Portugal, and $20,324.25 in Greece, all recorded in the same 2018.