China's per capita disposable income rises 6.1% in 2023

The per capita disposable income of Chinese residents increased by 6.1 percent in 2023, with income in rural areas that have been lifted out of poverty growing by 8.4 percent, signalling a narrower income gap between urban and rural residents, Chinese Premier Li Qiang said on Tuesday in his government work report.

He delivered the report at the opening meeting of the second session of China's 14th National People's Congress (NPC), the national legislature, at the Great Hall of the People in Beijing.

Reviewing the government work over the past year, Li said the government has ensured people's well-being, with a narrowed income gap, stronger tax deductions, larger coverage of basic insurance and renovation of old urban residential compounds.

According to Li, over 66 million taxpayers benefited from an increase in the special additional deductions for individual income tax, which cover children's nursing expenses, children's education and elderly care expenses.

Moreover, the government redoubled efforts in the past year to renovate old urban residential compounds and develop government-subsidized housing, benefiting over 10 million households, Li said.

"Our achievements did not come easily," Li said, adding that in addition to external challenges such as geopolitical conflicts and the impact of a three-year COVID-19 pandemic, the country also faces domestic risks and potential dangers in real estate, local government debt, and small and medium financial institutions. "Some places were hit hard by natural disasters, such as floods, typhoons and earthquakes," Li added.

However, Li expressed hope for China's future development, saying that the Chinese people have the courage, vision and strength to prevail over any difficulty or obstacle.

(Cover: Two residents buy food at a supermarket in Congjiang County, Guizhou Province, southwest China, May 11, 2023. /CFP)