The per capita disposable income of Beijing residents more than doubled over the past decade, from 36,800 yuan in 2012 to 75,002 yuan ($10,400) in 2021, according to the Beijing statistics authority.
Income level of residents grew 8% from 2020 to 2021, or 6.8% after adjusting for inflation. Comparing to 2012, Beijing residents' per capita disposable income grew at an annual rate of 8.2%, or 6.1% after adjusting for inflation.
Specifically, the per capita salary-based income saw an annual growth rate of 8.7% over the 10-year period, making up 60% of the overall income growth.
The improvement in the social security system as well as diversified investment channels, such as the financial market and the real estate market, have also buoyed the income of residents, as property-based income saw a 5.7% annual increase since 2012.
The Beijing municipality has been committed to seeking common prosperity and continued to expand its middle-income group, striving for an olive-shaped distribution pattern where the middle class makes up the bulk of society.
Over the past 10 years, the income of Beijing's rural residents rose at an annual growth rate of 9%, way faster than their urban counterparts. The urban-rural gap has kept narrowing, with their income ratio falling from 2.62 in 2012 to 2.45 in 2021.
Per capita consumer spending went up from 26,562 yuan in 2012 to 43,640 yuan in 2021, with an annual growth rate of 5.7%.
The city also introduced a slew of pro-spending measures to stimulate consumption during COVID-19.
Residents' spending on services has increased at an annual rate of 7.2% since 2015. In 2021, expenditure on services accounted for 57.1% of overall expenditures, 8.7 percentage points higher than 2015.
Spending on healthcare and consumer durables has also grown rapidly amid Beijing's drive to become an international consumption center.
