China’s per capita disposable income increased by 6.1% in 2023, with rural areas experiencing a significant rise of 8.4%, according to Chinese Premier Li Qiang’s government work report delivered on Tuesday. This growth signals a narrowing income gap between urban and rural residents, highlighting the country’s efforts to promote balanced economic development.
Premier Li presented the report at the opening meeting of the second session of China’s 14th National People’s Congress (NPC) at the Great Hall of the People in Beijing. He emphasized the government’s commitment to ensuring people’s well-being by introducing stronger tax deductions, expanding basic insurance coverage, and renovating old urban residential compounds.
Over 66 million taxpayers have benefited from increased special additional deductions for individual income tax, covering expenses such as children’s nursing, education, and elderly care, Li noted. These measures have eased the financial burden on families and contributed to a higher standard of living.
In addition, efforts to renovate old urban residential compounds and develop government-subsidized housing have benefited over 10 million households, improving living conditions for millions across the country.
Li acknowledged that these achievements did not come easily, citing external challenges such as geopolitical conflicts and the impact of the three-year COVID-19 pandemic, as well as domestic issues like risks in real estate, local government debt, and small and medium financial institutions. Natural disasters, including floods, typhoons, and earthquakes, also posed significant obstacles.
Despite these challenges, Li expressed optimism about China’s future development, stating that the Chinese people possess the courage, vision, and strength to overcome any difficulty or obstacle. “Our achievements demonstrate the resilience and determination of our nation,” he said.
The government’s continued focus on economic growth and social welfare initiatives aims to further narrow the income gap and improve the quality of life for all residents across China.
Reference(s):
cgtn.com
