31 provinces in the first half of this year-
Resident income and consumption expenditure data released
Our reporter Xiong Li
The National Bureau of Statistics recently updated the data on per capita disposable income and per capita consumption expenditure of residents in 31 provinces in the first half of the year.
Where can I earn and spend?
First look at the national data.
According to data released by the National Bureau of Statistics, in the first half of the year, the national per capita disposable income of residents was 17,642 yuan, a nominal increase of 12.6% over the same period of the previous year. After deducting price factors, the actual increase was 12.0%, which was a relatively high increase, mainly due to the low base in the first half of last year. Impact: An increase of 15.4% over the first half of 2019, an average increase of 7.4% in two years. After deducting price factors, the average actual increase in two years is 5.2%, which is slightly lower than the economic growth rate in the same period. Resident income growth is basically synchronized with economic growth.
Compared with the national per capita disposable income of residents, in the first half of this year, the per capita disposable income of residents in 10 provinces outperformed the national level, namely Shanghai, Beijing, Zhejiang, Jiangsu, Tianjin, Guangdong, Fujian, Shandong, Liaoning and Chongqing , The eastern region continues to lead.
Among them, Shanghai ranked first. In the first half of the year, the per capita disposable income of residents reached 40,357 yuan. It is also the only area in the country with more than 40,000 yuan in 31 provinces, autonomous regions and municipalities.
Beijing and Zhejiang followed closely with 38,138 yuan and 30,998 yuan respectively.
The per capita disposable income of residents in the four provinces of Jiangsu, Tianjin, Guangdong, and Fujian exceeded 20,000 yuan in the first half of the year.
Residents’ per capita disposable income is the main indicator to measure the level of residents’ income. It refers to the sum of final consumption expenditures and savings available to residents, that is, the income that residents can use for free disposal, including both cash income and income in kind.
The data shows that in the first half of this year, the national per capita wage income, net operating income, net property income, and net transfer income increased nominally by 12.1%, 17.5%, 15.0%, and 9.0%, respectively, year-on-year.
How to treat the growth of residents' income in the first half of this year?
Liu Xiangdong, deputy director of the Economic Research Department of the China Center for International Economic Exchange, believes that under the trend that the economy is basically oriented, the income of China’s residents continued to grow in the first half of the year. The main reasons are as follows: First, production and supply recovered first, stabilizing employment. , Ensuring the steady growth of residents’ wage income; second, the prevention and control of the epidemic is better, and the recovery of residents’ daily lives has accelerated, which has led to a gradual increase in operating income such as catering; third, economic activity has promoted the rise of asset prices, and the wealth effect has promoted asset income. Fourth, the "six stability" and "six guarantees" policies have been implemented, and the tax reduction and fee reduction policies and measures introduced by governments at all levels have gradually taken effect. At the same time, the adjustment of income distribution has been strengthened, so that residents' income has shown a steady and balanced growth.
"The per capita disposable income of residents in 10 provinces, including Shanghai and Beijing, outperforms the national level. This is the result of years of development and accumulation. These regions have relatively developed economies. With the economic recovery, the market and employment recovery have been promoted quickly, and the income of residents has been improved. Quickly resume growth and maintain a leading position in income level." Liu Xiangdong said.
Resident income is an important factor affecting consumption.
Fang Xiaodan, director of the Household Department of the National Bureau of Statistics, said recently that on the basis of the overall stability of the epidemic prevention and control situation and the continuous recovery of residents' income, household consumption expenditure has maintained a recovery rebound, and the two-year average growth rate has accelerated.
Statistics show that in the first half of this year, the national per capita consumption expenditure was 11,471 yuan, a nominal increase of 18.0%. After deducting the impact of price factors, the actual increase was 17.4%.
Compared with the first half of 2019, the two-year average nominal growth rate was 5.4%. After deducting price factors, the two-year average real growth rate was 3.2%, 1.8 percentage points higher than the first quarter, but 2.0 percentage points lower than the actual growth rate in the first half of 2019 .
From the perspective of consumption categories, the consumption expenditure of Chinese residents includes eight categories of food, tobacco and alcohol, clothing, housing, daily necessities and services, transportation and communication, education, culture and entertainment, medical care, and other supplies and services.
In the first half of this year, the two-year average nominal growth rate of eight categories of consumer spending all achieved positive growth.
Among them, due to the low base in the same period last year, expenditures on education, culture and entertainment and other supplies and services rebounded sharply.
In terms of consumption expenditures of residents in various regions, Shanghai, Beijing, and Zhejiang also ranked among the top three. In the first half of the year, the per capita consumption expenditures of residents were 23,644 yuan, 21,564 yuan, and 17,909 yuan, respectively.
The per capita consumption expenditure of residents in Tianjin, Guangdong, Jiangsu, Fujian, Chongqing, and Hubei also exceeded the national per capita level.
"From a trend point of view, the higher the income, the higher the consumption. The relative trends of income and consumption in the three provinces of Shanghai, Beijing, and Zhejiang show that this positive relationship between disposable income and consumption expenditure can be seen, but this is not always the case. Because disposable income can be used for saving in addition to consumption, the increase in household savings means that household income is not used for current consumption but the funds used for future consumption increase. For example, in terms of consumption expenditure, there were only 9 in the first half of the year. Provinces are higher than the national average, and provinces with the highest incomes of residents such as Shandong and Liaoning are not in the forefront of consumer spending. These conditions not only show that there is still a certain gap in income distribution among provinces, but also show that the recovery of consumption in China is still relatively lagging. "Liu Xiangdong suggested that the next step is to further solve the worries of residents' consumption, focus on establishing and improving a multi-level social security system, speed up the development of new consumption such as online consumption and green consumption, and meet the people's growing needs for a better life as the starting point to upgrade high-quality products. And service supply capacity, and gradually release residents’ consumption potential.
Looking to the future, Liu Aihua, spokesperson of the National Bureau of Statistics, said at a press conference of the State Council Information Office that the endogenous power of the Chinese economy as a whole continues to increase, and the vitality of market entities continues to increase. The income growth in the next stage will still be better supported. Thereby forming a strong support for consumption.
Xiong Li