PCDI in Guangzhou and Shenzhen ranks among top 10 in China

In the first half of this year, the per capita disposable income (PCDI) of key cities has increased significantly due to the control of pandemic and the recovery of the economy. In the first six months of 2021, the top ten cities of the PCDI were: Shanghai, Beijing, Hangzhou, Shenzhen, Guangzhou, Ningbo, Suzhou, Shaoxing, Xiamen and Nanjing.

Resident income is an important indicator to measure the wealth of residents in a country or region. According to income sources, PCDI can be divided into per capita wage income, net operating income, net property income and net transfer income.

Data from the National Bureau of Statistics (NBS) showed that residents’ wages account for 57.3% of per capita disposable income. According to the report issued by Zhaopin.com, China’s leading human resources service provider, the average salaries in Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, and Guangzhou are in the leading positions in China.

In the first half of 2021, the per capita disposable income of Guangdong residents was 23,604 yuan, a year-on-year increase of 13.6%. Among them, the per capita disposable income of urban residents was 28,897 yuan, an increase of 12.8%; the per capita disposable income of rural residents was 11,490 yuan, an increase of 16.1%.

In terms of income sources, the per capita wage income of Guangdong residents was 16,012 yuan, an increase of 13.8%, accounting for 67.8% of disposable income. The per capita net operating income was 2,796 yuan, an increase of 16.3%, accounting for 11.8% of disposable income. The per capita net property income was 3,228 yuan, an increase of 15.8%, accounting for 13.7% of disposable income. The per capita net income from transfers was 1,568 yuan, an increase of 3.7%, accounting for 6.6% of disposable income.

It is worth mentioning that Shenzhen’s migrant population accounts for more than 70% of the total, and the overall population is younger, with the population aged 60 and above accounting for only 5.36%. This has led to a large number of employed people in Shenzhen, while the number of people receiving old-age or retirement pensions is limited. Therefore, Shenzhen’s per capita net income from transfers has been negative for a long time. With the increase in overall income, the transfer expenditure of Shenzhen residents is also rising.