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An aerial view of Ningbo in Zhejiang province. [Photo provided to China Daily]
The Zhejiang provincial government announced its plan to make substantial progress in developing itself into a demonstration zone for common prosperity by 2025 at a news conference held in the provincial capital of Hangzhou on June 25.
On June 10, the Communist Party of China Central Committee and the State Council, China's Cabinet, jointly published a guideline supporting Zhejiang's efforts in taking the lead in building a demonstration zone as an example for promoting common prosperity nationwide.
In response to the national call, Zhejiang authorities have formulated its roadmap, to-do lists, and timelines in reaching this goal.
By 2025, Zhejiang residents' per capita GDP and per capita disposable income are expected to reach 130,000 yuan ($20,124) and 75,000 yuan respectively.
The World Bank defined a high-income economy as a nation with a gross national product (GNP) per capita of $12,536 or more in 2019.
Zhejiang is also determined to form an olive-shaped social structure by 2025, with the bulk made up of the middle-income group. The GDP per capita for the most affluent city in Zhejiang should be lower than 2.1 times of that for the least affluent one in the province, while the disposable income per capita for urban residents should be lower than 1.9 times of that for rural residents in Zhejiang.
By 2025, the households with annual disposable income standing between 100,000 yuan and 500,000 yuan will account for 80 percent of all the province's households. The proportion of households with annual disposable income standing between 200,000 yuan and 600,000 yuan will be 45 percent.