Data released by the National Bureau of Statistics on July 15 show that in the first half of 2019, the per capita disposable income of Chinese residents was 15,294 yuan, a nominal increase of 8.8% over the same period last year, and a real increase of 6.5% after deducting the price factor.
According to the official definition, residentsdisposable income refers to the sum of the final consumption expenditure and savings that residents can use, that is, the income that residents can use freely, including both cash income and physical income. According to the source of income, disposable income includes wage income, net operating income, net property income and net transfer income.
Wang Youdong, director of the Office of Household Survey of the National Bureau of Statistics, explained that in the first half of 2019, wages and transfer income continued to grow, while operating and property income accelerated. Among them, the per capita wage income of the big head of the national residents was 8793 yuan, an increase of 8.7%.
It is noteworthy that in the first half of the year, the per capita disposable income of residents in Shanghai and Beijing exceeded 30,000 yuan and entered the first camp in the list of residentsincome. Among them, Shanghai has become the most profitable region with a per capita income of 35294 yuan.
Shanghai Statistical Bureau said that in the first half of 2019, the income level of Shanghai residents increased as a whole, while the four major sources of income, including wage income, net operating income, net property income and net transfer income, maintained growth. The favorable factors such as the increase of the minimum wage standard year by year, the stable employment situation and the implementation of the new tax law have become the driving force.
Data show that in the first half of 2019, the per capita disposable income of Chinese residents increased by 6.5% in real terms, exceeding the growth rate of 6.3% of GDP in the same period. Locally, the real growth rate of per capita disposable income of many provinces in the first half of 2019 outpaced the local GDP.
In the first half of 2019, the real growth rate of per capita disposable income of residents in 12 provinces such as Shanghai, Beijing, Tianjin, Shandong, Chongqing, Hainan, Hunan, Shaanxi, Guangxi, Ningxia, Qinghai and Gansu exceeded the local GDP growth rate. Among them, the real growth rate of per capita disposable income in Qinghai is 3.8 percentage points higher than GDP, and that in Shaanxi is 1.6 percentage points higher than GDP.
In the first half of the year, the Qinghai Statistical Bureau introduced at the press conference that the peoples livelihood should be promoted and the peoples well-being improved. In the whole province, 37.6 million new jobs were created in cities and towns, 825.2 million jobs were transferred from rural labor force, and the registered unemployment rate in cities and towns was 2.4%, which was controlled within the target of 3.5% in the whole year. Per capita disposable income of urban residents was 15879 yuan, an increase of 11.0% compared with the same period last year. Per capita disposable income of rural residents was 4735 yuan, an increase of 10.4% compared with the same period last year.
Tax Reduction and Fee Reduction Drive Income Increase of Residents
Bian Yongzu, a researcher at Chongyang Institute of Finance, Renmin University of China, believes that relative to GDP, residentsincome is more directly related to the lives of ordinary people. In the first half of the year, residentsincome growth surpassed GDP growth again, which was directly related to Chinas determination to reduce taxes and fees and adjust its industrial structure.
Official data show that in the first half of 2019, the cumulative growth rate of national tax revenue fell by 13.5 percentage points compared with the same period in 2018. In addition, corporate income tax increased by 5.3% over the same period last year, falling by 7.5 percentage points over the same period last year, while personal income tax decreased by 30.6% over the same period last year.
It is worth noting that in the first half of the year, the two-step tax reform factors of personal income tax added and reduced a total of 307.7 billion yuan, with a total tax reduction of 1340.5 yuan per capita, and a total of 115 million people no longer need to pay personal income tax on salary income.
Xu Guoqiao, inspector of the Taxation Department of the Ministry of Finance, said at the recent release meeting that the implementation of the tax reduction and fee reduction policy has landed, increased the income of residents, and played an important role in enhancing enterprise confidence, stabilizing market expectations, effectively coping with downward economic pressures and promoting the smooth operation of the economy.
In Bian Yongzus opinion, after the comprehensive implementation of the reform of personal income tax since last year, not only the starting point of individual income tax has been raised, the tax rate has been lowered for the lower income groups, but also the expense deduction has been implemented for the expenses of childrens education, serious illness medical treatment, mortgage interest, rent, old peoples support and continuing education. When it directly increases personal income. (Sino-Singapore longitude and latitude APP)
Source of this article: Sino-New Zealand Editor-in-Charge: Wang Xiaowu_NF