Business
18:17, 19-Oct-2017
China’s disposable income & retail sales grow faster than GDP in Jan-Sept
["china"]
Share
Copied
China's average per capita disposable income grew 9.1 percent year on year to 19,342 yuan (about 2,930 US dollars) in the first three quarters of the year, official data showed Thursday.
Deducting inflation, the real growth was 7.5 percent, 1.2 percentage points higher than that for the same period last year, exceeding the country's GDP growth of 6.9 percent for January-September, according to the National Bureau of Statistics (NBS).
NBS data showed the income gap between China's urban and rural residents continued to narrow, with the real growth of per capita disposable income in rural areas 0.9 percentage point higher than that in urban regions.
The average per capita disposable income for rural residents reached 9,778 yuan (1,475 US dollars) from January to September, up 7.5 percent after deducting price factors, while that of urban residents increased to 27,430 yuan (4,138 US dollars), up 6.6 percent after deducting price factors.
Per capita consumption averaged 13,162 yuan (1,986 US dollars), up 7.5 percent from the same period last year. The inflation-adjusted growth was 5.9 percent.
More rural workers left their hometowns in the first three quarters, according to NBS data.
Some 179.69 million rural laborers were working outside their hometowns as of the end of September, up by 1.8 percent or 3.2 million people compared with one year earlier. Their average monthly income grew 7.0 percent to 3,459 yuan (522 US dollars) in the third quarter.
On the same day, NBS also reported that China's retail sales of consumer goods grew 10.4 percent year on year to 26.32 trillion yuan (3.97 trillion US dollars) in the first nine months of 2017.
The pace was unchanged compared to the same period last year, the NBS said in a statement.
The NBS attributed the growth partly to booming online sales, which surged 34.2 percent year on year, 8.1 percentage points faster than the same period last year.
From January to September, retail sales in rural areas rose 12.1 percent, outpacing the 10.1 percent expansion for urban areas.
Source(s): Xinhua News Agency