Beijing in­comes, con­sump­tion im­prove on pol­icy boost

The Myanmar Times - Weekend - - International Business -

BEIJING’S res­i­dents are see­ing higher in­comes and con­sump­tion struc­ture im­prove­ments due to poli­cies that rolled out in the first three quar­ters of the year, a se­nior of­fi­cial said on Mon­day.

The cap­i­tal’s per capita dis­pos­able in­come in the first nine months in­creased 8.9 per­cent year-on-year to 46,426 yuan ($6,691), a re­sult of mul­ti­ple pref­er­en­tial poli­cies from the mu­nic­i­pal gov­ern­ment, said Fang Xiao­dan, spokesper­son for the Beijing in­ves­ti­ga­tion team of the Na­tional Bureau of Sta­tis­tics, dur­ing a news con­fer­ence.

“The macro econ­omy and job mar­ket in Beijing were sta­ble dur­ing the first nine months, with GDP growth of 6.7 per­cent year-on-year, which has pro­vided strong sup­port for cit­i­zens’ in­come in­creases,” she said.

Ac­cord­ing to data re­leased by the Beijing Bureau of Sta­tis­tics, the city’s GDP in the first three quar­ters of 2018 to­taled 2.15 tril­lion yuan.

Beijing raised pen­sion pay­ments for em­ploy­ees in gov­ern­ment de­part­ments, com­pa­nies and in­sti­tu­tions start­ing from Jan­uary this year, which has brought ben­e­fits to around 2.82 mil­lion peo­ple.

The pol­icy con­trib­uted 0.3 per­cent­age points to per capita dis­pos­able in­come growth in Beijing, Fang said.

The lo­cal gov­ern­ment also raised the ba­sic pen­sion for all res­i­dents, as well as the wel­fare pen­sion for the el­derly pop­u­la­tion with lit­tle to no sup­port, from the be­gin­ning of this year. The move has also driven up av­er­age in­comes, she said.

Beijing’s con­sump­tion struc­ture is up­grad­ing as spend­ing on per­sonal de­vel­op­ment grew faster than spend­ing on ba­sic liv­ing, ac­cord­ing to the bureau’s data.

Dur­ing the first nine months, spend­ing on health­care grew 23.8 per­cent year-on-year, while spend­ing on ser­vices in­creased by 12.2 per­cent. Both fig­ures are higher than to­tal con­sump­tion growth, which was 6.7 per­cent.

Food and bev­er­age con­sump­tion dur­ing the same pe­riod dropped 0.6 per­cent year-on-year.

Pang Jiangqian, spokesper­son for the Beijing Bureau of Sta­tis­tics, said Beijing’s eco­nomic growth is now of a higher qual­ity. Par­tic­u­larly, the fi­nance, high-tech and sci­en­tific re­search in­dus­tries have con­trib­uted more added value, grow­ing 18.2 per­cent year-on-year. – China Daily

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