This photo taken on January 7, 2024 shows a jewelry store in Huai’an City, Jiangsu Province. (CFP Photo)

Jiangsu’s per capita disposable income in 2023 reached 52,674 yuan, ranking fourth among China’s provincial-level regions, representing a 5.64% year-on-year growth in nominal terms.

The top three regions were Shanghai, Beijing and Zhejiang. Notably, this marked the first time Jiangsu’s per capita disposable income surpassed the 50,000 yuan threshold.

Furthermore, China's gross domestic product (GDP) posted a growth of 5.2% year on year in 2023. The national average per capita disposable income was 39,218 yuan in 2023, an increase of 6.3% in nominal terms compared to the previous year.

Disposable income refers to the total sum of final consumption expenditure and savings, that is, the income that residents can use for free disposal, including both cash income and physical income.

According to the National Bureau of Statistics (NBS), China’s economy maintained a continuous recovery in 2023, with faster growth of the service sector. This contributed to the steady growth of urban and rural residents' income, in line with overall economic expansion.

In addition, the employment situation was generally stable throughout the year, with an increase in job opportunities, thereby ensuring the growth of salary income.