Shanghai Reports Fast Wage Growth, Stable Prices

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Last updated at: (Beijing Time) Wednesday, July 09, 2003

Shanghai Reports Fast Wage Growth, Stable Prices

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The average monthly salary in Shanghai, China's biggest city, rose by 10.8 percent to 1,677 yuan(204 US dollars) during the first six months of this year, according to official figures released on Tuesday.

The per-capita disposable income of urban residents in the city stood at 7,409 yuan (903 US dollars) during the six-month period, up eight percent, according to a sample survey conducted by Shanghai Municipal Statistics Bureau.

The per-capita income of rural residents was 4,340 yuan (529 USdollars), an increase of seven percent.

The consumer price index dropped by 0.4 percent as the growth in food price index was offset by decreases in clothes, telecommunication products and transport fares.

The combined outstanding bank deposits of Shanghai residents grew by 64.1 billion yuan (7.8 billion US dollars) to 555.7 billion yuan (67.7 billion US dollars) during the six months, up 11.5 percent.

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