GUANGZHOU: 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 per cent and
makes Guangzhou residents the richest on the Chinese mainland, according to
statistics released by Guangzhou Municipal Bureau of Labour 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 Labour 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 per cent
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.
(For more biz stories, please visit Industry Updates)
