Guiyang residents see increase in disposable income

Recent statistics show that urban residents in Guiyang, the capital city of Southwest China's Guizhou province, had an average disposable income of 20,606 yuan ($2,966.05) in the first half of this year, a year-on-year nominal growth of 4 percent, and 0.2 percent actual increase after adjusting for inflation.

The average disposable income of rural residents was 8,609 yuan, a year-on-year nominal growth of 6.9 percent, and a 3 percent actual increase after adjusting for inflation.

The income growth of rural residents in the first half of this year was 2.9 percentage points higher than that of urban residents, and the income ratio of urban and rural residents became 2.29:1 to 2.46:1 – proof that the income gap between urban and rural residents is narrowing.

Analysts have concluded that the increase in disposable income can be attributed to four main factors.

One is the stable growth of the macro-economy. During the first half of this year, Guiyang's GDP saw a year-on-year increase of 1.3 percent, and the resumption of production for various industries has further boosted the economy.

Guiyang has offered full support to companies resuming work by implementing cash-back policies and poverty alleviation measures. The province is additionally supporting college graduates to obtain employment or start businesses.

Other measures introduced by provincial authorities include a 5 percent increase to basic pensions, expanded unemployment insurance and deferred payment of insurance premiums totaling 170 million yuan for companies. Guiyang has additionally issued 100 million yuan to cope with price inflation.

Finally, Guiyang is forwarding the modernization of agriculture to increase the income of farmers. During the first half of this year, Guiyang provided 34 million yuan in special funding, plus 20 million yuan in loans and insurance subsidies to ensure the supply of non-staple foods.