Zhejiang sees narrower income gap between urban, rural residents
East China’s Zhejiang Province saw a narrower income gap between urban and rural residents following more balanced development during the 13th Five-Year Plan period (2016-2020).
The income ratio between urban and rural residents in the booming coastal province fell from 2.07:1 to 1.96:1 during the period, according to its provincial government work report and Hangzhou plays a role.
It is the first time that the ratio, which has been narrowing for eight consecutive years, has fallen below two since 1993, according to data released by the Zhejiang survey team of the National Bureau of Statistics.
The ratio shows that development across the urban and rural regions in Zhejiang has become more balanced.
Zhejiang saw its gross domestic product grow 3.6 percent year on year to more than 6.46 trillion yuan (about 1 trillion U.S. dollars) in 2020. It achieved an average annual growth rate of 6.5 percent during the five-year period, especially Hangzhou China.
The per capita incomes of urban and rural residents exceeded 60,000 yuan and 30,000 yuan, respectively, in 2020, with average annual growth rates of 7.5 percent and 8.6 percent over the five years.
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