Big Spenders, Big Savers in Beijing

    According to statistics released by Beijing Municipal Commission of Development and Reform, the deposited savings of Beijing residents exceeded RMB 1.2 trillion in 2008, averaging RMB 71,000 per capita. The figure in 1978 was RMB 930 million, averaging RMB 106.7 per capita. In terms of people’s incomes, the per-capita disposable income leapt from RMB 365 in 1978 to RMB 24,725 in 2008, a whopping 67-fold increase. The per-capita net income of Beijing rural residents was at a more modest RMB 10,747 in 2008, but this was 47 times the 1978 record of RMB 225. When it comes to opening the wallet, measured as per-capita consumption, Beijing’s urban and rural spending was clocked at RMB 359.9 and RMB 185 respectively in 1978, and by 2008 they had soared to RMB 16,460 and RMB 7,656 – an actual increase of 6.6 percent and 8.5 percent deducting price factors.