Shanghai and Beijing Pay Best in China; 10 Provinces Log USD2,756+ Disposable Incomes in First Half
Lin Jing
DATE:  Jul 18 2024
/ SOURCE:  Yicai
Shanghai and Beijing Pay Best in China; 10 Provinces Log USD2,756+ Disposable Incomes in First Half Shanghai and Beijing Pay Best in China; 10 Provinces Log USD2,756+ Disposable Incomes in First Half

(Yicai) July 18 -- Shanghai and Beijing remained the best-paying cities in the first half while 10 out of 31 provinces recorded per capita disposable incomes exceeding CNY20,000 (USD2,756).

Shanghai ranked first with an average income of CNY44,735 during the six months and Beijing was No. 2 with a figure of CNY43,084, according to official data released by the stats bureau. Disposable income contains salary, rental income, and government transfers minus taxes.

Eastern China's Zhejiang came in third with a tally of CNY35,982, followed by Jiangsu, Tianjin, Guangdong, Fujian, Shandong, Chongqing, and Liaoning.

Nationwide, the gauge of regular post-tax wealth tallied CNY20,733, a nominal increase of 5.4 percent from a year ago. Excluding price factors, the real growth rate was 5.3 percent.

Among urban residents, nominal disposable incomes rose 4.6 percent to CNY27,561 whereas rural residents logged a 6.8 percent boost to CNY11,272.

The allure of Shanghai and Beijing is clear as the two first-tier cities have modern industries of services and high tech, and they are home to several headquarters of multinationals with high-paying jobs, attracting talent.

The lead of the two cities is also explained by their high concentration of companies in the three highest-grossing industries of information transmission, software, and information technology services, finance, as well as scientific research and technical services.

Job promotions are the main supporting factor in Beijing residents' income growth, according to the municipal bureau of statistics. In the first half, residents of the capital city earned CNY27,978 in salaries, up 5.5 percent from a year ago, making up about 65 percent of their disposable incomes.

Editor: Emmi Laine

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Keywords:   Per Capita Disposable Income,China,Shanghai,Beijing,wealth,2024,salaries,jobs,labor market,employment