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Gov publishes national Gini coefficient

Beijing’s GDP grew by 7.7 percent last year, according to Beijing Municipal Statistics and the Beijing Investigation Team of the National Statistics.

The figure marks a decline of 0.4 percent from 2011.

CFP Photo

CFP Photo

The weaker growth was influenced by inflation and the national GDP, the agencies said at a press conference on Monday.

They also pledged to publicize Beijing Gini coefficient, a marker of income inequality.

The total GDP of Beijing climbed to 1.78 trillion yuan, 15 billion of which was generated by agriculture, 406 billion by heavy industry and 1.36 trillion by the service sector.

Inflation held at less than 4 percent, and the city is seeing growth in employment.

By the end of 2012, Beijing has a population of 20.7 million, of which 7.74 million are migrants. The average GDP in Beijing was 87,091 yuan ($13,797) per capita.

CPI tied to housing

The Consumer Price Index  fell to 3.3 percent in 2012, though prices for many markets and services remained high.

In the eight commodities and services calculated, food and residential prices were still the major driving force behind the spike.

“Since January 2011, the cost of apartment rental has been on the rise, and in October it broke 5 percent,” said Xing Zhihong, spokesman of the Beijing Investigation Team of the National Statistics.

While food is the primary force behind CPI growth in the rest of the country, Beijingers continue to be gouged on housing costs.

The city sold 19.4 million square meters of residential and business real estate in 2012: 35 percent more than in 2011.

In addition, Beijing’s retail volume reached 770 billion yuan, 11.6 percent more than the previous year. Online sales totalled 59.7 billion yuan, nearly doubled the previous year.

Forecast is flat

In forecasting the economic performance of 2013, Yu Bing, director of macro-economic research at the State Council Development Research Center, predicted flat growth, with the price index rising 4 percent and exports 10 percent.

“China’s economy has finished its period of high growth and is entering a period of stable increase,” Yu said. “However, we have not identified the new driving economic forces.”

“This is a critical point in our economic transformation,” he said.

Yu said a secure transformation will depend on increased investment in manufacturing, real estate and infrastructure.

Real estate has long been the most volatile sector of China’s economy. Ren Xingzhou, director of the market economy research institute of the State Council, said he believes 2013 will see the market to stabilize.

“We want it to be flat, but it’s impossible to say there won’t be unpredictable forces that cause fluctuation,” he said.

Measuring equality

“Beijing will issue its own Gini coefficient eventually,” Xing Zhihong said at the press conference.

China has two indexes at the present: citizen income at the township level and rural household income. These indexes are calculated after in-house investigations.

Since December 1, China has started a comprehensive in-house investigation to clarify the real family income index, an important figure for the Gini coefficient.

“The purpose is to clarify the allocated income and establish a price system on this basis,” Xing said.

In 2012, citizen income at the township level as 36,469 yuan, 7.3 percent more than the previous year. Rural individual income was 16,476 yuan, an 8.2 percent increase.

On January 18, Ma Jiantang, director of the National Statistics, announced a national Gini coefficient.

“From 2003 to 2012, the national Gini coefficient index fluctuated between 0.47 to 0.49,” Ma said. “It climbed to 0.491 in 2008 and decreased afterwards.”

The Gini coefficient has been a very controversial topic, with many arguing that the national figure exceeds 0.5. Higher numbers indicate greater income equality.

Beijing will publish a local index later this year.

作者:By Zhao Hongyi 热度:Loading... 日期:13-02-03, 07:10 AM