China's urbanites experienced faster income growth for 2018: report

Source:Global Times Published: 2019/5/14 23:59:22

The National Bureau of Statistic (NBS) released a report on the average yearly incomes of Chinese jobholders in 2018. The data revealed that salaries grew faster than 2017 despite the economic slowdown. 

In the public sector, the average annual salary for urban employees rose by 11 percent to 82,461 yuan ($12,061), representing a faster growth rate of 1 percentage point than 2017.

In private sectors, the annual average salary stood at 49,575 yuan, up 8.3 percent year-on-year and 1.5 percentage points faster than the previous year. 

"The average salary of China's urban employees grew faster in 2018 due to better corporate profitability and solid performance in the Chinese economy," said Meng Canwen, deputy chief of the population and employment statistics bureau, according to the Xinhua News Agency.

Meng attributed the accelerated salary increases to the 2017 measures the country had taken amid complex situations at home and abroad to stabilize growth, advance reform, adjust structure, benefit people, and safeguard against economic risks.

The positive effects of the measures continue to unfold as the national economy expands with overall stable employment and rising corporate profits, which created a foundation for the wage increases, Meng said.

The NBS report also revealed the highest-paying sectors which include IT (147,678 yuan), finance (129,837 yuan), and scientific research and technological services (123,343 yuan) in the non-private sectors.



Posted in: SOCIETY,ECONOMY

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