Ninth, per capita disposable income generally increased in step with GDP growth, and the urban-rural disposable income ratio narrowed.
The per capita disposable income stood at 26,265 yuan ($4,085) in the first three quarters, up 10.4% from the same period last year in nominal terms, with an average two-year growth of 7.1%. After deducting price factors, per capita disposable income rose 9.7% year-on-year, with an average two-year growth of 5.1%, which is basically in step with GDP growth. Separately, urban per capita disposable income came in at 35,946 yuan, up 9.5% in nominal terms, and 8.7% in real terms, while income in rural areas stood at 13,726 yuan, up 11.6% in nominal terms, and 11.2% in real terms. By income source, the per capita income from wages and salary, net business income, net property income and net transfer income saw year-on-year growth of 10.6%, 12.4%, 11.4% and 7.9% in nominal terms, respectively. The urban-rural disposable income ratio was 2.62, down 0.05 percentage point compared with the same period last year. The per capita disposable income of residents stood at 22,157 yuan, up 8% year-on-year in nominal terms.
Overall, the Chinese economy has maintained its recovery momentum in the first three quarters with progress in structural adjustments and high-quality development. However, there are rising uncertainties in the international environment and uneven recovery in the domestic economy. Next, we will follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, implement the decisions made by the CPC Central Committee and the State Council, uphold the underlying principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implement the new development philosophy, accelerate the building of a new development paradigm, work with regular epidemic control measures in place, strengthen cross-cycle policy adjustment, make great efforts to promote sustained and sound economic development, deepen reform, opening-up and innovation, unleash market vitality, generate greater momentum for development, unleash the potential of domestic demand to keep the economy running within a reasonable range and ensure the year's main targets for economic and social development are accomplished. Thank you.
