BEIJING – Since the founding of the People’s Republic of China 75 years ago, the living standards of the Chinese people have progressed from mere subsistence to moderate prosperity in all aspects.

The per capita disposable income of China’s residents was only 49.7 yuan (7.1 U.S. dollars) in 1949, but climbed to 39,218 yuan in 2023, an increase of 75.8 times, or an annual growth rate of 6 percent, adjusted for inflation, according to a report released by the National Bureau of Statistics (NBS).

Remarkable changes have been made since China ushered in the reform and opening up in 1978. The private economy has developed rapidly, and the national economy has expanded at a high speed.

Before the reform and opening up, the consumption level of residents was relatively low, and household expenditures were mainly used for food, clothing and daily necessities, but now people are spending more on durable goods such as automobiles and household appliances.

The changes can be mirrored in the Engel’s coefficient, which measures food expenditures as a proportion of total household spending. The index was 29.8 percent in 2023, down 34.1 percentage points from 63.9 percent in 1978.

Take the household home appliance ownership for example, the average number of refrigerators per 100 households reached 103.4 at the end of 2023, in contrast to merely 0.2 in 1981. The number of household color TVs per 100 households stood at 107.8 at the end of 2023, in contrast to 0.6 in 1981. The number of household washing machines per 100 households stood at 98.2 at the end of 2023, in contrast to 6.3 in 1981.

When the People’s Republic of China was founded, the housing conditions were relatively poor. After the reform and opening up, the housing system has transformed from welfare housing allocation to marketization, and the shortage of housing for urban and rural residents gradually eased. The living conditions became more comfortable and spacious.

The per capita housing floor area climbed 4.8 times in 2020 over 1978, reaching 38.6 square meters for urban residents and 46.8 square meters for rural residents, said the NBS report citing the seventh national census results. (Xinhua)…[+]