On October 23, the National Bureau of Statistics released the per capita disposable income data for residents in 31 provinces for the first three quarters of 2024. Shanghai and Beijing topped the list with incomes exceeding 60,000 yuan, while Zhejiang made headlines by surpassing 50,000 yuan for the first time, landing in third place. Guangdong, Chongqing, and Guizhou also crossed significant income thresholds.
Disposable income, as defined by the bureau, refers to the total income that residents can spend on consumption and savings, encompassing both cash and in-kind income. It is categorized based on sources, which include wage income, net operating income, net property income, and net transfer income.
Looking more closely at the data, Shanghai led with a per capita disposable income of 66,341 yuan for the first three quarters. Beijing followed at 64,314 yuan, and Zhejiang achieved 52,206 yuan for the first time over the 50,000 yuan mark. In addition, Tianjin, Jiangsu, and Guangdong all surpassed the 40,000 yuan barrier, with Guangdong reaching 41,037 yuan. Furthermore, three regions—Fujian, Shandong, and Chongqing—exceeded 30,000 yuan, with Chongqing also breaking the 30,000 yuan threshold at 30,792 yuan. Notably, Guizhou crossed the 20,000 yuan mark for the first time at 20,866 yuan.
When comparing these figures to the national average of 30,941 yuan, eight provinces—Shanghai, Beijing, Zhejiang, Tianjin, Jiangsu, Guangdong, Fujian, and Shandong—recorded per capita disposable incomes above this average.
In terms of growth rates, all 31 provinces saw positive growth in per capita disposable income during the first three quarters. Regions including Tibet, Xinjiang, Gansu, and others recorded growth rates above the national average, with Tibet leading at 8.1%.
Breaking down income sources, the average per capita wage income for residents stood at 17,696 yuan, growing by 5.7%, contributing to 57.2% of total disposable income. Other income sources included net operating income (4,939 yuan), net property income (2,585 yuan), and net transfer income (5,721 yuan), with respective growth rates of 6.4%, 1.2%, and 4.9%.
To enhance per capita disposable income, increasing employment and wages is essential. For instance, in Beijing, the Deputy Director of the Beijing Investigation Team of the National Bureau of Statistics, Bian Jing, noted that stable employment contributed to a year-on-year increase of 4.2% in per capita disposable income. The growth in wage income was particularly notable at 5.8%, accounting for 64.7% of disposable income.
Looking ahead, Bian mentioned that following the Central Politburo meeting’s directives regarding economic work, a series of policies aimed at fostering economic growth would support job stability and income increases. This sets a promising backdrop for sustained growth in residents’ incomes throughout the year.
On the expenditure side, the National Bureau of Statistics reported that the average consumption expenditure per capita across the country reached 20,631 yuan, showing a nominal growth of 5.6%. The data reveals some interesting patterns in spending habits as well.
Which regions spent the most or had the highest growth in spending? Notably, Shanghai saw a decrease in per capita consumption spending for the first three quarters, while Hainan, Tibet, and Xinjiang led in nominal growth rates at 9.9%, 9.1%, and 9.0%, respectively.
In terms of total spending, Shanghai, Beijing, Zhejiang, Jiangsu, Guangdong, Tianjin, and Fujian had per capita consumption expenditures exceeding 21,000 yuan. Shanghai ranked first with spending of 39,626 yuan, followed by Beijing at 36,581 yuan, and Zhejiang at 33,547 yuan, placing third nationally.
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