The per capita disposable income of residents increased 59.2 times

The National Bureau of Statistics recently released the Fourteenth Report Series on Economic and Social Development Achievements for the 70th Anniversary of the Founding of New China. The report shows that in the past 70 years, especially since the reform and opening up, the income of urban and rural residents has increased substantially, and the consumption level of residents has increased significantly. In 1949, the per capita disposable income of Chinese residents was only 49.7 yuan. In 2018, the per capita disposable income of Chinese residents reached 28,228 yuan, a nominal increase of 566.6 times, a real increase of 59.2 times after deducting price factors, and an average annual real increase of 6.1%. Since the Eighteenth National Congress of the Communist Party of China, the reform of income distribution system has been deepened in an all-round way, the income growth measures of key groups have been continuously vigorous, and the precise poverty alleviation and poverty alleviation policy has been further promoted, which has played a vital role in increasing the income of urban and rural residents. The per capita disposable income of urban residents increased from 26467 yuan in 2013 to 39 251 yuan in 2018, with an average annual real growth of 6.3%. The per capita disposable income of rural residents increased from 9430 yuan in 2013 to 14617 yuan in 2018, with an average annual real growth of 7.7%.

With the leap-forward growth of urban and rural residents'income, the income sources of urban and rural residents have also changed from single to multiple. The wage income of urban residents no longer occupies the absolute main body, and the proportion of management, property and transfer income increases. In 2018, the per capita wage income of urban residents accounted for 60.6% of the per capita disposable income, down 30.3 percentage points from 1964.