According to the National Bureau of Statistics, the median per capita disposable income of Chinese residents nationwide will reach 34,707 yuan in 2024.
On January 17th, a press conference was held by the State Council Information Office to introduce the operation of the national economy in 2024 by Kang Yi, Director of the National Bureau of Statistics.
Kang Yi stated that in 2024, residents’ income continued to increase, and the income growth rate of rural residents was faster than that of urban areas. In the whole year of 2024, the per capita disposable income of residents nationwide was 41,314 yuan, representing a nominal increase of 5.3% over the previous year, and a real increase of 5.1% after adjusting for price factors. In terms of residency, the per capita disposable income of urban residents was 54,188 yuan, with a nominal increase of 4.6% over the previous year, and a real increase of 4.4% after adjusting for price factors. The per capita disposable income of rural residents was 23,119 yuan, with a nominal increase of 6.6% over the previous year, and a real increase of 6.3% after adjusting for price factors.
Kang Yi also introduced at the meeting that the median per capita disposable income of residents nationwide was 34,707 yuan in 2024, representing a nominal increase of 5.1% over the previous year. Based on the five-quintile income groups of residents, the per capita disposable income of the low-income group was 9,542 yuan, the lower-middle-income group was 21,608 yuan, the middle-income group was 33,925 yuan, the upper-middle-income group was 53,359 yuan, and the high-income group was 98,809 yuan. The per capita consumption expenditure of residents nationwide was 28,227 yuan in the whole year, representing a nominal increase of 5.3% over the previous year, and a real increase of 5.1% after adjusting for price factors. The proportion of consumption expenditure on food, tobacco and alcohol accounted for by per capita consumption expenditure (Engel’s coefficient) was 29.8%, which remained unchanged from the previous year. The growth rate of per capita service consumption expenditure was 7.4%, accounting for 46.1% of per capita consumption expenditure, with an increase of 0.9 percentage points from the previous year.