world growth

world growth

Monday, December 28, 2009

China's GDP per capita to reach $4,000 next year

China's GDP per capita is expected to climb to 4,000 U.S. dollars by the end of next year, according to the 2010 social blue book issued Monday.

According to Li Peilin, director of the Sociology Institute of the Chinese Academy of Social Sciences, which compiled the book, GDP per capita has been growing rapidly in recent years.

"From 1978 to 2000, GDP per capita in China increased from $400 to $800, which took 20 years. When we set the goal in 2000 to build up a well-off society by 2020, the forecast was to double the GDP per capita within 20 years, jumping to more than $3,000 in 2020," he said.

The report, Society of China: Analysis and Forecast 2010, said rapid economic growth, decline in the new population and appreciation of the renminbi contributed to the acceleration of the growth rate.

The GDP per capita refers to the average value of goods produced per person in a given country.

GDP per capita exceeded $1,000 in 2003 and jumped to $3,000 in 2008, so it will approach $4,000 next year, achieving the target ahead of time.

"A $4,000 GDP per capita means an increased strength of domestic capital, which will help the employment of migrant workers and college students," Chen Yan, chief writer at Economy magazine, told the Global Times Monday.

The blue book also pointed out that the annual income of urban residents could increase by 10 percent this year but rural residents' income will only increase by 6 percent to 7 percent.

"The income of people in rural areas reduced under the influence of financial crisis in 2009. The income gap between urban and rural residents will widen," Li said.

During the first three quarters, the employment situation remained stable, with 8.15 million more people in urban areas getting jobs. The number is expected to reach 11 million this year.

There are 9.15 million registered unemployed urban residents, with an unemployment rate of 4.3 percent.

Thanks to government efforts, college graduates' employment rate reached 74 percent by September 1 but the average salary for graduates fell.

However, nearly 83 percent of the population said they were optimistic about the employment situation in 2010 and the confidence index jumped by 1.3 percent compared with last year, according to a survey conducted recently by Beijing-based China Mainland Marketing Research Company.

No comments: