China’s financial hub Shanghai outperformed other provincial regions in per capita disposable income last year, official data showed.
Average per capita disposable income in Shanghai reached about 59,000 yuan ($9,316) last year, the highest among China’s 31 provincial level regions, followed by Beijing and Zhejiang, according to the National Bureau of Statistics.
China’s average per capita disposable income stood at 25,974 yuan last year, which rose 7.3 percent year-on-year, faster than GDP growth, NBS data showed.
A total of ten provincial level regions outperformed the national average including Jiangsu, Guangdong, Fujian, Liaoning and Inner Mongolia.
Shanghai and Beijing also overtook their peers in purchasing power, with residents spending about 39,791 yuan and 37,425 yuan on average, respectively, last year.
Strong income growth and lifestyle changes in past years have helped China’s consumer spending amid government efforts to shift the economy toward a growth model with more emphasis on consumption, the service sector and innovation.