Household income may more than double by 2020: experts

2012-11-19 09:55:03 GMT2012-11-19 17:55:03(Beijing Time)  SINA English

By Miao Miao, Sina English

The goal of doubling China's 2010 GDP and per-capita income by 2020, pointed out in the report at the 18th CPC National Congress, has attracted wide public attention.

The double growth will be achieved with an average annual growth rate of 6.9%, calculated by Li Yang, the Vice President of China Academy of Social Sciences. Considering the already increased income and the high growth trend, the actual growth may exceed the goal. 

“As an actual growth, the goal is inflation-adjusted,” Liu Xiangxi, assistant manager of the Ministry of Finance Fiscal science Research Institute, responded to people’s doubts about the real effect of the income growth on their life.

The “doubled income” refers to “the real per capita disposable income”, which excludes income tax, and individual payments of social security premium, so it has been inflation-adjusted. “It means that your income will double in the condition of the current price level,” Liu explained.

It’s the first time for the National CPC Congress to put forward the goal of achieving income growth and economic development simultaneously, which manifests the requirement of the scientific outlook on development and conforms to people’s expectation of a happier life, experts said.

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Editor: Miao Miao
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