An employee of Lin'an Rural Commercial Bank counts banknotes at the bank's branch in Xitianmu area in Hangzhou, capital of Zhejiang province, on Feb 25,2020. [Photo by Hu Jianhuan For China Daily]

The per capita disposable income of Zhejiang's residents in 2020 was 52,397 yuan ($8,090), up 2,498 yuan from the previous year, according to the latest data from the Zhejiang branch of the National Bureau of Statistics.

This is the first time that the figure has surpassed 50,000 yuan. The year-on-year increase was 5 percent in nominal terms and 2.6 percent in actual terms (taking inflation into account).

The per capita disposable income of Zhejiang's urban residents and rural residents in 2020 was 62,699 yuan and 31,930 yuan, respectively.

This means that the per capita annual income ratio of urban residents to rural residents was 1.96 in 2020, dropping below 2 for the first time since 1993. Zhejiang's urban-rural income gap has been shrinking for eight consecutive years.