First Quarter Disposable Incomes in China Drop 3.9% YoY in Real Terms Following COVID-19 Outbreak

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Official data indicates that disposable incomes in China saw a sizeable decline in the first quarter amidst efforts to contain the spread of COVID-19.

Figures released by the National Bureau of Statistics (NBS) indicate that China’s per capita disposable income was 8561 yuan for the first quarter of 2020, for a nominal YoY increase of 0.8%, yet an inflation-adjusted decline of 3.9%.

Shanghai had the highest quarterly disposable income amongst province-level administrative entities at 19,621 yuan, followed by Beijing at 17,874 yuan.

Seven of China’s provinces have quarterly per capita disposable incomes above the 10,000 yuan threshold, including Shanghai, Beijing, Zhejiang, Tianjin, Jiangsu, Fujian and Guangdong.

Three have disposable per capita incomes of between 8,000 to 10,000 yuan, including Shandong, Liaoning and Chongqing.

Six provinces have disposable incomes of between 7,000 and 8,000 yuan, including Inner Mongolia and Hunan, while a further eight provinces are between 6,000 and 7,000 yuan, and five between 5,000 and 6,000 yuan.

Xinjiang and Tibet are the lowest per capita disposable incomes in China, at 4,912 yuan and 3,818 yuan respectively.

NBS data further indicates that per capital salary income was 4,896 yuan in the first quarter, for an increase of 1.2%, accounting for a 57.2% share of disposable incomes.

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