residents’ disposable income levels and income growth. Data from the National Bureau of Statistics (NBS) showed that in 2017, the per ca
pita disposable income of the high-income group reached 64,934 yuan ($9,604.71). For most of the residents in the high-inco
me group, overseas tours remain as a kind of luxury spending, thus the per capita disposable income for residents that traveled abroad
should be raised to at least 120,000 yuan a year. Yet this group probably numbers less than 100 mil
lion residents. In other words, the number of people who can afford the average cost of going abroad is theoretically less than 100 million.
Although many research institutions are optimistic about the development pr
ospects for Chinese people’s overseas tourism, the growth rate of private outbound trip
s was only 5.7 percent in 2017, compared to 22 percent in 2010 and 10.6 percent in 2015, showing a do
wnward trend. This may actually reflect the decline in the growth rate of disposable income.
I don’t agree with the so-called “consumption downgrade,” as the Engel coefficient – the propor
tion of money spent on food in household expenses – fell to 28.4 in 2018. Yet, the slowdown in consumption growth, increased leverage r
atio in home purchases and other factors have all impeded the pace of the consumption upgrade.
bilateral ties were upgraded to an all-weather strategic partnership.
“We wish that our relationship could be closer and the bond of friendship will be further strengthened in the future,” the admiral said.
Abbasi also noted that the Indian Ocean is vital for the global economy. Thr
eats to this region cannot be tackled by any navy alone. The Chinese navy’s mission to en
sure maritime security in the Indian Ocean has provided a lot of security to shipping in the region, he said.
Shao Shuguang, commander of the Task Group 998, said during meeting w
ith Abbasi that “Karachi’s long history and culture, the hospitality of the Pakistani pe
ople, especially the professionalism of our counterparts in your navy, have left a deep impression on me.”
“I hope that the navies of our two countries will have further close exchang
es and cooperation to jointly maintain maritime security and stability in the Indian Ocean,” Shao said.
During the visit to Kunlunshan, the admiral also reviewed the PLA Navy’s guard of honor.