You are here: Home » International » News » Economy
Controversy sells? Why ban on hi-tech Vaporfly shoe may benefit Nike
Trump is a 'clown' who will betray Iranians: Ayatollah Ali Khamenei
Business Standard

China's per capita GDP crosses $10,000-mark for the first time

The per capita Gross Domestic Product in 2019 reached 10,276 US dollars at the average exchange rate, exceeding the 10,000-dollar mark

Topics
China GDP growth

Press Trust of India  |  Beijing 



China
Photo: Shutterstock

For the first time, the per capita GDP of China, the world's most populous nation, has exceeded the $10,000-mark in 2019, a top official said on Friday.

The per capita Gross Domestic Product in 2019 reached 10,276 US dollars at the average exchange rate, exceeding the 10,000-dollar mark, Director of the National Bureau of Statistics, Ning Jizhe said.

As a country with 1.4 billion people and a per capita GDP of more than 10,000 US dollars, China will contribute more to the development and progress of the world, he said.

"It showed that the quality of China's economic development is improving," Ning said, adding that "China's pace of progress is unstoppable".

According to the World Bank, the population of countries with per capita GDP above 10,000 US dollars was nearly 1.5 billion in 2018.

As China enters the ranks of such countries, their collective population will approach 3 billion, representing major progress in the economic and social development of the world, Ning was quoted as saying by the official Xinhua news agency.

China's per capita disposable income stood at 30,733 yuan (4,461.95 US dollars) in 2019, up 5.8 per cent year on year in real terms, according to official data released by the NBS.

Separately, urban and rural per capita disposable income reached 42,359 yuan and 16,021 yuan in 2019, up 5 per cent and 6.2 per cent in real terms after deducting price factors, respectively, it said.

In 2019, the real growth of per capita disposable income in rural areas was faster than that in urban areas, indicating narrowing of the urban-rural income gap, according to the NBS data.

Chinese per capita consumer spending incraeased by 5.5 per cent year on year in real terms to reach 21,559 yuan in 2019.

The NBS data also showed China's grew 6.1 per cent year on year in 2019, within the government's annual target of 6 to 6.5 per cent. However, the growth rate was the lowest in 29 years.

By 2020, China has said that it aims to double the per capita income of its urban and rural residents from 2010 levels.


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, January 17 2020. 17:30 IST

RECOMMENDED FOR YOU

.