In a positive economic turn, the per capita disposable income of Chinese residents rose by 6.1 percent in 2023. Notably, income in rural areas surged by 8.4 percent, signaling a significant narrowing of the income gap between urban and rural populations.
Chinese Premier Li Qiang announced these figures during his government work report at the opening meeting of the second session of China's 14th National People's Congress (NPC) held at the Great Hall of the People in Beijing.
Premier Li highlighted the government's efforts over the past year to enhance people's well-being. These efforts include stronger tax deductions, expanded coverage of basic insurance, and the renovation of old urban residential compounds. Over 66 million taxpayers benefited from increased special additional deductions for individual income tax, covering expenses such as children's nursing, education, and elderly care.
Additionally, the government intensified its initiatives to renovate old urban residences and develop government-subsidized housing, benefiting more than 10 million households. These measures have played a crucial role in supporting families and improving living standards across the country.
Premier Li acknowledged the challenges faced, including geopolitical conflicts, the impact of a three-year COVID-19 pandemic, and domestic risks related to real estate, local government debt, and financial institutions. Natural disasters like floods, typhoons, and earthquakes also posed significant hurdles.
Despite these challenges, Premier Li expressed optimism for China's future, emphasizing the resilience and determination of the Chinese people to overcome any obstacles.
Reference(s):
cgtn.com
