Per capita average income of urban residents reached a record
17,440 yuan (US$2,180) in Guangdong provincial capital Guangzhou in the
first six months of this year.
The figure represents a year-on-year increase of more than 8
percent and makes Guangzhou residents the richest on the Chinese
mainland, according to statistics released by Guangzhou Municipal
Bureau of Labor and Social Security yesterday.
If the rate is maintained residents will earn on average 34,880
year (US$4,372) this year.
The per capita average income of urban residents in Guangzhou
reached 33,839 yuan (US$4,229.9) in 2005, 1,363 yuan (US$170.38)
more than Shenzhen Special Economic Zone's 32,476 yuan
(US$4,059.5).
Shenzhen, which borders Hong Kong Special Administrative Region,
was previously the richest city on the Chinese mainland.
In addition to the city's sustainable economic growth, an
official from Guangzhou Municipal Bureau of Labor and Social
Security yesterday attributed the steady increase to the
introduction of the annual salary system in many State-owned and
foreign-funded companies.
The new system, which closely connects the incomes of managers
and staff to profits, has greatly increased productivity.
To help attract more talent to work in the public sector,
Guangzhou has also raised salaries for its many civil servants this
year, spurring overall growth in incomes, said the official who
refused to be named.
Guangzhou's gross domestic product (GDP) grew more than 13
percent year-on-year to hit 511.58 billion yuan (US$63.95 billion)
in the past 12 months.
Those working in "hot industries" such as IT, autos,
petrochemicals, steel, pharmaceuticals, light textiles and new
materials are the biggest winners this year, the official told
China Daily.
"And residents who have high education levels, special technical
skills and good work experience are earning even more," said the
official.
"Most residents are aged between 30 and 40 and have been working
for 5 to 10 years," he added.
(China Daily August 7, 2006)