opens the "third quarter report" of China's economy. A set of data is quite eye-catching: in the first three quarters, the per capita disposable income of residents nationwide was 22,882 yuan, a nominal increase of 8.8% over the same period last year. After deducting price factors, the actual increase was 6.1%. Since the beginning of this year, the steady growth of residents' income has made the people's pockets more and more prosperous, and the confidence to pursue a better life has become more and more strong.
"We must adhere to and improve the basic socialist distribution system, strive to promote the synchronization of residents' income growth and economic growth, the synchronization of labor remuneration and labor productivity improvement, continuously improve the system and mechanism and specific policies, adjust the national income distribution pattern, continuously increase the income of urban and rural residents, and continuously narrow the income gap." The Party Central Committee with Comrade Xi Jinping as the core is based on the reality of my country's economic and social development, and through a series of people-friendly measures, effectively improve the income level of urban and rural residents, and the people's sense of gain continues to increase.
The economy is stable and employment is the greatest confidence in increasing income
In the first three quarters, the national residents' income grew steadily, and the people's "wallets" highlights were full of highlights:
- income is added, the economic operation is generally stable, and the structure optimization drives the increase in income.
has increased from 8,000 yuan to more than 10,000 yuan. Huang Zusheng, who is in charge of administrative personnel work in an e-commerce company in Yiwu, Zhejiang, passed the Alibaba "DingTalk" administrator qualification last year and became a digital manager. His monthly salary has also increased. "After digital managers were officially selected for 13 new professions released by the Ministry of Human Resources and Social Security this year, many companies began to actively recruit such talents," said Huang Zusheng.
Since the beginning of this year, China's economy has been operating generally smoothly, and the employment situation has remained generally stable, which has become the greatest confidence for residents to increase their income. In the first three quarters, the per capita wage income of residents nationwide was 13,020 yuan, an increase of 8.6%.
Dong Chao, director of the Institute of Distribution and Consumption of the Ministry of Commerce Research Institute, believes that the contribution rate of the tertiary industry to economic growth in the first three quarters was 24.3 percentage points higher than that of the secondary industry, and the service industry has a stronger ability to absorb employment, which can promote the increase in employment income. Therefore, the continuous optimization of the economic structure has also driven the growth of residents' income.
- reduce burdens, reduce taxes and fees to increase residents' income.
"My income was more than 60,000 yuan in the first nine months. Because I enjoyed special additional deductions, I have not paid personal income tax yet. The same income had to be paid more than 600 yuan in taxes last year." Du Xuehua, financial director of Zhejiang Xiandu Yanjing Beer Company, did some calculations for the reporter. In the first three quarters, the total salary of the company should pay increased by 9.3% year-on-year, while the personal income tax should be paid decreased by 86.6%.
With the advancement of personal income tax reform, the burden on low- and middle-income earners in my country has been continuously reduced. Data from the State Administration of Taxation shows that in the first three quarters, the personal income tax reform increased by 442.6 billion yuan, with a total per capita tax reduction of 1,764 yuan.
is not only a personal income tax. In the first three quarters, as the business environment in various places continues to be optimized, and general policies such as tax and fee reduction are further implemented, the impact of enterprise burden reduction continues to emerge, driving the per capita net operating income of urban residents to grow by 11%, an acceleration of 3.1 percentage points over the same period last year.
—The structure is more optimized, and the income of rural residents is growing faster than that of urban residents, and the central and western regions are faster than that of eastern regions.
"This year, the farm income increased by 20% compared with last year. The land transfer of farmers' land has become 'live', and the scale of operations has expanded and broadened the channels for increasing income." The family farm run by Suixi County, Zhanjiang City, Guangdong Province, provides jobs for 50 local farmers.
In the first three quarters, the per capita disposable income of rural residents in my country increased by 9.2%, 1.3 percentage points faster than urban residents. The income ratio of urban and rural residents fell from 2.78 in the same period last year to 2.75, and the income gap between urban and rural residents continued to narrow. From a regional perspective, the growth rate of residents' income in the central and western regions is faster than that in the eastern and northeastern regions, and the ratio of residents' income in the eastern and western regions has dropped from 1.75 in the same period last year to 1.74.
"The continued narrowing of income gap between urban and rural areas has made the fairness of economic development more prominent," said Fu Yifu, a senior researcher at Suning Financial Research Institute.
growth rate has not shown a long-term slowdown trend
Careful people will find that the per capita disposable income of residents in the country in the first three quarters actually increased by 6.1%, while the GDP growth rate during the same period was 6.2%. This 0.1 percentage point gap makes some people start to worry whether the income growth rate will continue to slow down?
. Although the level of income growth is important, it is more important to have in-depth analysis and dialectical viewing, and to recognize the long-term trend of the growth rate of residents' income.
—Follow the speed, the current growth rate of residents’ income is not low, and it is basically in line with economic growth.
From the perspective of nominal growth rate, the nominal growth rate of residents' income in the first three quarters reached 8.8%, which is exactly the same as the nominal growth rate in the same period last year. "Although the economy is facing great downward pressure, residents' income still has achieved good growth, which shows that residents have truly enjoyed the dividends of economic growth," said Fu Yifu. Judging from the actual growth rate of
, 6.1% is also a not low growth rate. "The actual growth rate of residents' income is faster than the growth rate of per capita GDP, and even if it is proportional to the growth rate of GDP, the gap is not obvious." said Deng Quheng, a researcher at the Institute of Economics of the Chinese Academy of Social Sciences.
From the perspective of growth target, such income growth rate can fully ensure the realization of the relevant goals of building a moderately prosperous society in all respects. According to the National Bureau of Statistics, from 2018 to 2020, as long as the annual average growth rate of residents' income is above 4.7%, the per capita income of urban and rural residents can be achieved by 2020 compared with 2010, while the actual growth rate last year and since this year is far higher than this value.
—Follow the reason, the current actual growth rate of residents’ income is mainly affected by short-term price fluctuations.
The actual growth rate of residents' income in the first three quarters was slightly slower than the GDP growth rate, mainly affected by short-term fluctuations such as prices, and is not the long-term slowdown in the actual growth rate of income. When
performs actual growth rate statistics, both GDP and residents' income must be deducted from price factors, but the price index referenced by the two is different. Resident income mainly refers to the "Consumer Price Index (CPI)" and GDP refers to the "GDP Deflating Index".
"It is precisely because the CPI was significantly higher than the GDP deflator index in the first three quarters, that the actual growth rate of residents' income was slightly smaller than the actual growth rate of GDP." Lou Feng, director of the Economic System Analysis Research Office of the Institute of Quantity, Economics and Technology Economics of the Chinese Academy of Social Sciences, said that the GDP deflator index can be calculated by weighted a series of price indexes such as CPI and PPI (Industrial Producer Ex-factory Price Index). Compared with the 2.5% increase in CPI in the first three quarters, PPI turned from a 4% increase in the same period last year to a flat rate. Entering September, CPI rose by 3%, and PPI fell by 1.2%, which makes the weighted GDP deflator index lower than the CPI during the same period.
It is worth noting that although the CPI increase has expanded this year, it is mainly caused by the rise in prices of a few foods such as pork. Judging from the core CPI, it only rose by 1.5% in September. "If we take the impact of pork on CPI, the actual growth rate of residents' income may be more than 6.1%," said Deng Quheng.
- Looking at the impact, the slight fluctuation in the actual growth rate of residents' income will not affect the overall increase in purchasing power.
In recent years, the trend of upgrading consumption among residents in my country has been obvious. People are making more and more money, but eating less and less. The Engel coefficient, which measures residents' living standards, has dropped to 28.4% last year, hitting a new low. This means that the proportion of residents' income spent on purchasing food is constantly decreasing, and it is more used to purchase services and other goods. In the first three quarters, consumption expenditures for various services grew rapidly, with per capita visitor tickets for residents increasing by 31.5%, and per capita hotel accommodation expenditures increased by 20.1%.
The actual growth rate of residents' income in the first three quarters fluctuated slightly, mainly due to the rise in prices of a few foods, so it may have a certain impact on residents' food purchasing power. However, due to changes in residents' expenditure structure and the decline in Engel coefficient, this impact will be greatly weakened. In addition, the strong consumption in services and other fields, overall, the slight fluctuation in the actual growth rate of income will not restrict the overall purchasing power.
"Residents' overall purchasing power continues to improve, and with the improvement of the social security system and the optimization of the consumption environment, residents' willingness to consume will continue to increase." said Su Hainan, a special researcher at the China Labor Society.
Short-term influencing factors will be gradually eliminated
From the perspective of long-term trend, in the future, my country's residents' income will still maintain a good growth momentum, and the people's "wallets" will continue to rise more and more.
——The economy is stable, and the "cake" is expanded to achieve new growth in residents' income.
The increase in residents' income is essentially due to economic growth. As long as China's economy remains generally stable and the "cake" becomes bigger and bigger, residents' income can continue to achieve new growth.
"my country's economic development is resilient and has great potential, the innovation capabilities of enterprises have gradually increased, and there are solid support for residents' income growth." Su Hainan said that although the external environment is relatively severe and complex, there are many favorable factors in China, and the conditions for achieving stable economic operation are fundamentally eliminated. This fundamentally eliminates the biggest hidden danger of slowing down in income growth.
——The employment foundation is stable, and wage income can continue to achieve stable growth.
Wage income accounts for the majority of my country's residents' income, and a stable employment situation is crucial to the increase in residents' income. In the first three quarters, my country's new urban employment has basically achieved its annual targets and tasks. In addition, the transformation and upgrading of enterprises has brought about a growth in talent demand, and residents' wage income will grow steadily.
"Improving the salary and benefits of R&D talents will enhance the core competitiveness of the company." Wei Xueying, vice president of human resources at Chengdu Jimi Technology Company, introduced that the company has recruited a large number of optical, software, and artificial intelligence talents from universities such as Sichuan University and University of Electronic Science and Technology, and the salary adjustment rate has been leading in the industry in recent years.
—Stable price levels are conducive to the increase in the actual growth rate of residents’ income.
potatoes 2 yuan, onions 1 yuan, broccoli 3.5 yuan, grass carp 8 yuan... "The price of pork has risen, and the prices of vegetables and aquatic products are similar to last year, and have little impact on life." Wang Fan, a resident of Huaian City, Jiangsu Province, told reporters.
In response to the rise in pork prices, the country has taken effective measures in many aspects to stabilize pig production, supply and prices. "With the implementation of relevant policies in various places, CPI will operate stably within a reasonable range, which will help the increase in the actual growth rate of residents' income." Fu Yifu said.
(Source: People's Daily)
