China's per capita GDP will for the first time exceed US$10,000 in 2019, Ning Jizhe, deputy head of the National Development and Reform Commission, the country’s top economic regulator, said at a meeting in Beijing on Saturday.
China’s GDP is expected to near 100 trillion yuan (US$14.37 trillion) in 2019, with per capita GDP of more than US$10,000.
It not only means the income of China’s people and enterprises has increased, but also marks significant progress in human history, Ning said.
The World Bank’s data showed there were 1.6 billion people with per capita GDP above US$10,000 worldwide in 2018. As the per capita GDP of China, a nation with nearly 1.4 billion people, exceeds US$10,000, a total of 3 billion people will enter the ranks, which will have a positive impact on the whole world.
Earlier, some experts also predicted that China’s per capita GDP would exceed US$10,000 in 2019, which reflects an important transformation for China’s society structure and mark a new turning point for its economy.
China’s GDP hit 90 trillion yuan in 2018, and its GDP per capita stood at US$9,777, almost 10 times that of 2001, according to the Department of Economic Forecasting of the State Information Center.
The substantial rise reflects the rapid development of China’s economy over recent years and a higher living standard throughout the country.
Despite the improvement, China remains a middle-income country according to World Bank standards, with a gross national income per capita between US$1,006 and US$12,235.
China is expected to rank among high-income countries within the next two to three years, as long as it keeps an annual GDP growth rate of 6 percent or more, said Cai Zhizhou, deputy director of the China Center for Economic Research at Peking University.
China is positioned around 70th in the global per capita GDP ranking, Cai noted. He added that China will remain a developing country even when it meets the high-income country threshold, as gaps still exist between China and developed countries with a GDP per capita of US$40,000 or US$50,000.
China will release its 2019 full-year economic growth data Friday.
Earlier, Renmin University of China predicted the figure will be 6.1 percent, down 0.5 percentage points from the previous year.