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Income across Chinese Regions. As of March 2021, the 10 countries with the highest median incomes ranked . household income. Income ranges for 2014-2018 household counts by income category are based on inflation-adjusted 2018 dollars, 2013 counts are based on inflation-adjusted 2017 dollars, and 2010-2012 counts are based on inflation-adjusted 2015 dollars. The EIC estimates household debt to be in the range of 89.5 to 90.5 per cent of GDP, before gradually decreasing in the second half of the year when the impact of . In 2020, China's per capita consumption expenditure was 21,210 yuan, a nominal decrease of 1.6 percent over the previous year, and a real decrease of 4.0 percent after deducting price factors. CSV XML EXCEL. Rural income data for 1997/2000 are from China Statistical Abstract (2001, p. 100) and measure net income. The Gross Domestic Product (GDP) in China was worth 7298.1 billion US dollars in 2011, according to a report published by the World Bank. China's Gross National Income (GNI) per capita has grown more than ten-fold since 2000, reaching $10,410 in 2019. China .. .. .. .. .. 3 608 4 121 4 773 5 589 6 210 Household income and spending in China have grown rapidly over the past few decades, and income inequality has also risen. Consumption, which measures the final purchase of goods and services by households, accounts for more than half of China's gross domestic product (GDP) and its share continues to increase. There are several reasons to believe that the residential investment boom of the past seven to eight years is not sustainable. In the past two decades, China's economic growth has been increasingly dependent on investment.1 To maintain the growth of investment, China must sustain a fairly high rate of profit, and the fall in labor's share has been seen as a crucial factor to sustain profitability.2 Using a raw measure of labor's share—the compensation of employees as a percent of GDP—as shown by the bottom . Consumer spending in China has largely lagged the country's . India's real GDP grew at an annual rate of 7.3% over the 15-year period from 2000 to 2015, and GDP per capita rose from US$ 463 to US$ 1,640. Figure 2 Household Consumption and Disposable Income as A Share of GDP, 2000—2015. Household income has increased slightly more than or in line with growth in China's . savings rate, when scaled by disposable income, aggregate household savings, measured in percent of GDP, showed a less increase, as households received smaller shares of GDP over time. highest 10%: 31.4% (2012) note: data are for urban households only. 12. Household income or consumption by percentage share: lowest 10%: 2.1%. The largest component of household wealth, housing assets contributed an average share of 74 percent to total household wealth in China. China's economy is slowing, reflecting cyclical factors and longer-term structural The new median income figures, however, corroborate Chinese Premier Li Keqiang's surprise revelation at a National People's Congress press conference in May that 600 million Chinese, or nearly half of the world's second-largest economy's population, were living a hand-to-mouth existence with a monthly income of 1,000 yuan ($152) or even . The Rise of China's Middle Class . As the service sector takes a larger and larger share of the economy, household income (and thus consumption) will naturally rise as a share of GDP. Income across Chinese Regions. remains the single largest item in household budgets. Household debt is likely to hit nearly 90 per cent of gross domestic product in the first half of the year, according to Siam Commercial Bank's Economic Intelligence Centre (EIC). This range is broadly comparable to the ratio in the United States and the median for countries in the OECD (113 percent), but is well below Korea (170 . This chapter reviews the association between GDP and living standards from the perspective of the average household, focusing on the income dimension. As shown in the right panel of the above chart, China's ratio of household debt to total disposable income ranges from roughly 80 percent to 110 percent, depending on the measure of income. The growth of the working age population (ages 15 . China's GDP was $15.66 trillion (101.6 trillion yuan) in 2020. The household income share of GDP, simply defined as the ratio of nominal household disposable income over nominal GDP, has been stable over the period, on average across OECD countries, but with cross-country heterogeneity, with for instance a large decline Overall, wage income makes up the largest share of total income at 42.9 percent. in China was middle class1; by 2012, that share had soared to 68%. in China was middle class1; by 2012, that share had soared to 68%. China. The data for household debt comprise debt incurred by resident households of the economy only. By comparison, the figure has . 215 Zhang Jun 13. It is an annual statistics publication which covers very comprehensive annual data at the National level. 6 October 2016 - Although GDP per capita is often used as a broad measure of average living standards, high levels of GDP per capita do not necessarily mean high levels of household disposable income, a key measure of average material well-being of people. China Economic Update - December 2019 7 Executive Summary. The ratio of household disposable income to GDP fell from 67 percentage points in the late 1990s to 58 percentage points in 2008, and only According to the IMF, on a per capita income basis, China ranked 59th by GDP (nominal) and 73rd by GDP (PPP) in 2020. China, Colombia, India, Indonesia, Latvia, Russian Federation and South Africa). DataBank. It reflects a persistent trend in China's household savings rate that has been well-studied by academic researches³, with social precaution (insufficient social security protection) and birth control policy often attributed as some of its . World Bank tracks a number of income- and poverty-related metrics, including GDP per capita, GNI per capita, GINI coefficient per country, and median income. (NNI). Graph and download economic data for Shares of gross domestic product: Personal consumption expenditures (DPCERE1Q156NBEA) from Q1 1947 to Q4 2021 about Shares of GDP, PCE, consumption expenditures, consumption, personal, GDP, and USA. Total investment as a share of GDP in China 1980-2026. The service sector, while growing, is smaller in China in terms of output and employment than comparator economies. Lower-income groups have been hit particularly hard by a slowdown in household income growth, says Barclays Asia Pacific's Jian Chang. See how China's GDP has changed since 1980 • Get the data • Explore the China over time . By 2011, China's economy was the second largest in the world. The figure shows that China's average real per capita income is $12,472.51, which is in line with the world median income but far below the world average. [Photo/VCG] Consumption accounted for 78 percent of . Source: National Bureau of Statistics of China. Through equations , , we obtain μ and σ. The GDP value of China is roughly equivalent to 9.48 percent of the world economy. We obtain the average of household per-capita income from a government source (State Statistics Bureau of China, 2013) and Gini estimate from Xie and Zhou (2014). China GDP ranking China contribution to global growth 1980s 8 1% 1990s 8 21% 2000s 5 15% 2010s 2 32% 2020s 2 28% 2031 1 30% Real GDP per capita and urbanization ratios Constant prices, U.S. dollars, 1960 -2030** $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 15 35 55 75 95 ita Urbanization Ratio 2030 2020 U.S. South Korea India . Households Debt in China decreased to 61.20 percent of GDP in the second quarter of 2021 from 61.30 percent of GDP in the first quarter of 2021. The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. GDP per capita:US$5414. Customers look at goods at Yantai Joy City in East China's Shandong province, Oct 16, 2018. Household income has been falling as a share of GDP, relative to corporate and government revenues, for several years, but the new tax breaks are unlikely to reverse that trend because income tax . To gauge the income distribution in China across regions, we next looked at real per capita household disposable income for 2015 by provinces. Data for Distribution of Income and Housing Dynamics are from the U.S. Census Bureau American Community Survey, 1-Year Estimates. China's price liberalisation and market reform: A historical perspective . China's share of global gross domestic product (GDP) 2010-2026 Gross domestic product (GDP) growth rate in China 2011-2026 GDP distribution across economic sectors in China 2010-2020 Figure 1: Gross Domestic Product and Growth Rates. The various measures of China's aggregate household saving rate have all increased since the 1990s, and variation in saving behaviour by income group suggests that increasing the income of poorer households in particular would boost aggregate consumption. Household Income, Consumption and Full Accounting of the Households Sector Beijing, China 26-28 March 2012 Back ground paper Income approach to GDP, and other issues relating to the compilation of household income and consumption expenditures Vu Quang Viet Needless to say, there is generally a strong correlation between the income level of a country and the income levels of cities in that country. SHARE OF GDP CHART 1 China Heavily Reliant on Investment . China became the world's largest exporter in 2010, and the largest trading nation in 2013. when household per capita income reaches US$8,000-10,000, we see a steady increase in China's service consumption share on the back of its unique demographic structure and high digitalization. Household income and spending in China have grown rapidly over the past few decades, and income inequality has also risen. Decades of economic development have fueled a massive increase in incomes in China. And comfortable GDP growth—on the order of 5.0% to 5.5%, on average, during the period of the 14th Five-Year Plan—allows income to rise. As a share of GDP, China's private consumption expenditure is uniquely low by international standards. In addition, changes in the distribution of household income over time will affect the growth rates of aggregate consumption Introduction China has experienced rapid growth in household income over recent decades. Even though with shortcomings, time series data on household income has been able to track income distribution in China over time. household income.3 This contrasts with developments in other countries in the region (e.g. How has the Chinese economy capitalised on the demographic While there is no optimal level for the share of consumption in an economy—some observers might argue that a consumption share of around 70 percent is as unbalanced as China's 36 percent—a share closer to 50 percent would bring China in line with its peers in Asia today. However, recent studies find a . 2016-2020 . To gauge the income distribution in China across regions, we next looked at real per capita household disposable income for 2015 by provinces. Since the change, China has been among the world's fastest growing economies, with real gross domestic product averaging over 9% growth annually through 2018, lifting an estimated 800 million people out of poverty, and dramatically improving overall living standards. Food's share of spending has declined to under 40 percent for urban households and about 45 percent for rural households. In fact, consumption now contributes less to GDP growth in China than it did during the first half of 2012. elevated share of investment in GDP is largely the result of excess investment in residential real estate. 16 (2001, July, p. Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator 99.00 Amplitude adjusted Long-term average = 100 Jan-2022 China (People's Republic of) Long-term average = 100 FDI stocks Indicator: 16.2 Outward % of GDP While the dominant role of housing assets in household wealth composition is well known ( Gottschalck 2008 ; Jäntti and Sierminska 2008 ), the proportion is much larger in China than in other countries. For urban households, household saving as a share of disposable income declined from a peak of 32 percent in 2012 to 31 percent in 2014. Per person annual household income in China was RMB28,200 (about $4,267) in 2018. 1) Export momentum and domestic organic drivers, such as private investment and household consumption. People's Republic of China 中华人民共和国 1949-. This further allows us to compute the average of household income per-capita for each decile by Monte Carlo experimentation. (Yicai Global) Dec. 23 -- China's household income rose by about 6 percent this year, roughly keeping pace with the nation's economic expansion, according to a leading scholar. Still, China's per capita income is below the world average. This is with an average growth of 9 percent a year . Households Debt To GDP in China averaged 34.97 percent of GDP from 2006 until 2021, reaching an all time high of 61.70 percent of GDP in the fourth quarter of 2020 and a record low of 10.80 percent of GDP in the second quarter of 2006. Figure 2: Shares of the Three Industries' Value Added of GDP 2016-2020 . The file readme_data202106.pdf describes the layout of the current data files.. ShareThis. Policy priorities are updated every two years and presented in a full report, which includes individual country notes with detailed policy recommendations to address . Having fallen from 45.5% when China joined the World Trade Organization in 2001 to 34.3% in 2010, it has gradually recovered to 39%, World Bank data show. It discusses the mechanisms through swhich GDP growth trickles down to household sector income with a view to assessing whether and to what extent such mechanisms are amenable to policy intervention. There, after the economic reform started in 1978, share of household income in the economy grew from 51% to 70.2% during the 1978-1988 period. share of consumption spending in household income. In . Share of consumption in GDP growth rises to 78%. The figures for 2000/2001 are from China Monthly Indicators, vol. Just as clearly countries like China and Germany must take steps to force up the household income share of GDP (in fact polices aimed at doing this are at the heart of the Third Plenum reform proposals in China). The China Statistical Yearbook is compiled by the National Bureau of Statistics, China (NBS). first column depicts the share of each source of income in a household's total income. The gross national income in 2019 was 98,845.8 billion yuan, up by 6.2% over the previous year. Definition: Data on household income or consumption come from household surveys, the results adjusted for household size. Based on input-output analysis and benchmarking against other economies, we estimate . The household income share of GDP Economic Policy Reforms 2016 Going for Growth Interim Report . quarterly basis. The figure shows that China's average real per capita income is $12,472.51, which is in line with the world median income but far below the world average. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor education . Abstract. In July 2005 moved to an exchange rate system that references a basket of currencies. Abstract. Although this is significantly lower than the $43,861 average of OECD economies, China's GNI per capita is on the high end among fellow BRICS countries. And by 2022, we expect China's mid-dle class to number 630 million - that is, 76% of ur-1 We have defined 'middle class' as those with annual household disposable income of between RMB60,000 and RMB229,000, a range 5 Figure 1. Among them, the per capita consumption expenditure of urban residents was 27,007 yuan, a decrease of 3.8 percent, after deducting the price factor, the . This FSI measures the overall level of household indebtedness (commonly related to consumer loans and mortgages) as a share of GDP. Thomas G. RAWSKI* . HOUSEHOLD INCOME AND INCOME AND SAVINGS NATIONAL INCOME PER CAPITA HOUSEHOLD DISPOSABLE INCOME . The average household income of the top 10 The Statistical Yearbook release updates the following main economic categories: employment, gross domestic product, demographic, energy, foreign . China Household income or consumption by percentage share. For example, in 2014 Norway had the highest GDP per capita in the OECD (162% of the OECD . Over the past 20 years, China's aggregate GDP grew at staggeringly high rates of more than 8 . This has been accompanied by both strong consumption growth and a large rise in the saving rate (Graph 1).1 20 This paper argues, however, that even before the COVID-19 shock, a decades-long housing boom had given rise to price misalignments and regional supply-demand mismatches, making an adjustment both necessary and inevitable. The differential is as great as ten percentage points in the top 5% (share of 29% compared with 19). In 2020, total investment of the economy in China amounted to about 43.1 percent of the gross domestic . household income tax could offset the negative effect of environmental tax on the economy and achieve the double dividend in all provinces, especially the provinces with higher emission intensity, such as China, the second-biggest economy in the world, has announced a cut to it's growth rate for 2012. Japan and Korea) where falling household income (as a share of GDP) was largely offset by a fall in the savings rate. Since the late 1990s, China's investment share of gross domestic product (GDP) has increased while the corresponding shares for consumption and both labor and household income have declined (chart titled "Chinese Data Trend over the . Household incomes in China, when converted to U.S. dollars at the official exchange rate, seem low. China's central bank said last year that every 1 percentage point increase in ratio of household debt to the country's gross domestic product (GDP) would cut retail sales growth by 0.3 . Final consumption expenditure (constant 2015 US$) General government final consumption expenditure (current US$) General government final consumption expenditure (current LCU) Households and NPISHs Final consumption expenditure (annual % growth) Download. First, household debt as a share of disposable income doubled between 2008 and 2010, an extraordinary increase. All this makes growth below 5.0% in 2022 very unlikely. It is now widely understood that the reason for China's very low household consumption share is the very low household income share of GDP, which, at around 50%, is among the lowest ever recorded. China's Household Income Rose About 6% This Year in Line With GDP, Academician Says. Whereas GDP refers to the income generated by production activities on the economic territory of the country, GNI measures the income generated by the residents of a country, whether . However, the median (also called "typical") income is $40,000, which is fairly accurate for everyone but Jordan. Factors such as rising wages have helped boost consumption . The first is demographics. And by 2022, we expect China's mid-dle class to number 630 million - that is, 76% of ur-1 We have defined 'middle class' as those with annual household disposable income of between RMB60,000 and RMB229,000, a range What is happening to China's GDP statistics? The income share of government has increased slightly in recent years. According to the World Bank, China's household and government spending as a share of GDP dropped from a high of 85% in 1962 to 56% in 2019, and then 54.3% in 2020. Business income has 6.5 Total 45.2-50.5 38.7 5.3 Non-wage income 0.7-1.2 Investment 2 . Two factors contribute to the rising wage share of GDP in China. Online tool for visualization and analysis. In S GDP per capita in China and East Asian neighbors 6 6.5 7 7.5 8 8.5 9 9.5 10 10.5 11 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 . Published by C. Textor , Oct 21, 2021. China's household consumption as a percentage of GDP is well below that of other countries at similar stages of development, which means there's plenty of scope to catch up. The national energy consumption per 10,000 yuan worth of GDP went down by 2.6 percent over 2018, and the overall labor productivity reached 115,009 yuan per person in 2019 . CIW Premium subscribers can download the Dossier: China's Economy in 2019. With global trade volumes facing a steep fall and prices also depressed, China's share of world exports, which reached 13.5% last year, is likely closer to a record 16% now, which would be . The country has natural resources with an estimated worth of $23 trillion, 90% of which are coal and rare earth metals. Clearly Europe, the US, China, Japan, and the rest of the world must take steps to reduce income inequality. China's real estate market has been a key engine of its sustained economic expansion. The various measures of China's aggregate household saving rate have all increased since the 1990s, and variation in saving behaviour by income group suggests that increasing the income of poorer households in particular would boost aggregate consumption. However, this trend has been reversed since 1988 as . The data of annual, quarterly, and monthly frequencies are updated semiannually. The newly increased employed people in urban areas numbered 11.86 million, 1.66 million less than the previous year. Thus, while there are only minor differences between the income and consumption shares in China, income is much more unequally distributed than consumption in India, with a notable concentration of income in the top 5%.

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