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Income, spending in China grew far slower in 2022

By Reuters   February 27, 2023 | 08:17 pm PT
Income, spending in China grew far slower in 2022
A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China, February 24, 2022. Photo by Reuters
Income per capita in China grew by just 2.9% in real terms over 2022, after increasing by 8.1% a year earlier, returning to a growth rate similar to that of 2020 when China was battling Covid and introducing sweeping lockdowns and other restrictions.

Per capita spending also decreased by 0.2% in real terms, according to data published by the National Bureau of Statistics (NBS) in its annual statistical communique on Tuesday.

Income per capita in China grew to 36,883 yuan ($5,310) over 2022, while spending per capita increased to 24,538 yuan ($3,533), the NBS said.

Rural areas performed better than urbanized zones, with the incomes of rural households growing by 4.2% in real terms on the year, compared with 1.9% growth in real terms for urban residents.

Urban and rural residents alike saw their incomes grow far slower this year, however, with urban residents seeing their incomes grow by 7.7% in 2021 and rural households by 9.7%, both in real terms.

 
 
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