(ECNS) - Although China is the second largest economy in the world, its per-capita income level is still low due to a large population, said Mao Shengyong, spokesperson for the National Bureau of Statistics (NBS).
Data from NBS shows China’s nominal per-capita gross national income (GNI) in 2018 was $9,732, higher than the average level of middle-income economies. The latest figures have fuelled speculation about when China could become a high-income country.
Mao said the GNI consists of gross domestic product plus factor incomes earned by foreign residents, so it’s different from the disposable income of residents.
Whether China can become a high-income country depends on many factors, Mao said, such as economic growth, price indexes, growth in other countries, changes in the RMB exchange rate and technical definitions of the term.
Rather than terminology, it is more important to concentrate on economic development to improve people's living and income levels, promote economic quality and efficiency, and move toward high-quality development, said Mao.