Chinese people's disposable income surges 60 times in past 70 years

Chinese residents saw their per capita disposable income surge by nearly 60 times during the past seven decades thanks to the country's steady economic expansion.

Consumers select vegetables at a supermarket in Nantong, Jiangsu Province. [File photo: IC]

The per capita disposable income stood at about 49.7 yuan in 1949, and topped 28,200 yuan (about 4,030 U.S. dollars) in 2018, registering a growth of over 59 times factoring in inflation, a report from the National Bureau of Statistics (NBS) showed.

The steady income growth also led to continuous increases in consumption spending. Chinese residents' per capita consumption spending surged from 88.2 yuan in 1956 to 19,853 yuan in 2018, growing 28.5 times in real terms, NBS data showed.