(Economic Watch) What signal does China's residents' income growth "synchronize" with GDP?

　　China News Service, Beijing, January 17 (Liu Wenwen) In 2021, in the face of multiple challenges such as the complex and severe international environment and the spread of the domestic epidemic, China's economy will continue to recover and develop, and the growth of residents' income will basically synchronize with economic growth.

　　According to data released by the National Bureau of Statistics of China on the 17th, according to preliminary calculations, the gross domestic product in 2021 will be 114.367 trillion yuan (RMB, the same below), an increase of 8.1% over the previous year at constant prices, and an average increase of 5.1% in the two years. %.

During the same period, the per capita disposable income of national residents was 35,128 yuan, a nominal increase of 9.1% over the previous year, and an actual increase of 8.1% after deducting price factors, which is basically in line with economic growth; the average growth rate of 5.1% in the two years is also basically in line with economic growth.

　　What signal does China's residents' income growth catch up with GDP?

　　Cai Zhibing, an associate professor of the Economics Teaching and Research Department of the Central Party School (National School of Administration), told a reporter from China News Agency that the growth rate of per capita income was the same as that of GDP, indicating that the majority of Chinese residents have fully enjoyed the development dividend, and the gap between economic development and achievement sharing has gradually narrowed. .

　　Bai Jingming, a researcher and former vice president of the Chinese Academy of Fiscal Sciences, said that the fiscal policy in 2021 has achieved a combination of policy force and reform.

The government lived a tight life, reduced general government expenditures, freed up funds, used it for people's livelihood and counter-cyclical adjustment, and implemented fiscal policies in a timely and effective manner, so that fiscal policies played a supporting role in economic growth.

　　Although the income of Chinese residents has caught up with the pace of GDP, Cai Zhibing still reminded that the current narrowing of the gap between per capita income and GDP growth may not be the norm.

The relatively large negative impact of the new crown epidemic on China's economy and residents' income growth has not completely disappeared.

　　Faced with this situation, it is still necessary to further increase the per capita income level in the future.

　　Cai Zhibing said that to further increase the per capita income level, we must first cultivate a world-competitive industrial system.

History has proved that the fundamental factor that determines the per capita income level of a country's residents is the international competitiveness of the country's industries. The stronger the international competitiveness of the industry, the higher the added value, the more high-paying jobs that can be created, and the more room for income growth of residents. big.

　　According to Yao Jingyuan, a special researcher of the Counselor's Office of the State Council of China and the former chief economist of the National Bureau of Statistics of China, the vitality of market entities must be fully released. In terms of monetary policy, the most important thing is to enable market entities to reduce financing costs. A fundamental part of self-development.

From the perspective of fiscal policy, we should continue to reduce taxes and fees for market entities on a large scale, so that market entities can play lightly and perform well.

　　Cai Zhibing also pointed out that it is necessary to improve the social security system and the public product supply system to reduce the living cost of residents.

The nature of income and cost is the same, the cost of household expenditure decreases, and the actual income increases relatively.

At present, on the one hand, we should increase redistribution efforts and improve a multi-level social security system that covers the whole population, integrates urban and rural areas, is fair, unified, and sustainable.

On the other hand, it is also necessary to speed up the reform of the public product supply system, strengthen the government's expenditure responsibility in education, medical care, elderly care and other fields, and reduce the cost of residents' expenditure as much as possible.

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