By 2020, income is projected to double that of 2010 levels, provided the real average annual growth rate maintains over 5.3 percent, said Wang Pingping, director of the Household Survey Office of China’s National Bureau of Statistics.
In addition, the income gap in China has been reduced. The Gini coefficient of Chinese residents’ per capita disposable income was 0.465 in 2016, down 0.009 since 2012.
Chinese people’s consumption level has continuously improved as well. The per capita consumption expenditure was 17,111 RMB ($2,515) in 2016, up 33.1 percent compared with that of 2012.
Statistics also show that consumption in China’s rural areas has increased, evident by the growing number of rural people purchasing durable consumer goods, including private cars, air conditioners, computers, and mobile phones.
This article was originally published on the Global Times.
