近期，各省份陆续公布2025年经济数据。其中，上海、北京、浙江、江苏、天津五地居民人均可支配收入（下称"居民收入"）增速均低于同期GDP增速， 差距超过0.4个百分点。上述五地是中国居民收入最高的五个省级行政单位（下称"最富五地"），人均收入超过5.5万元。此前，最富五地只有个别年份出 现过这一现象，2024年后连续两年出现这一现象。 分类观察，2025年，上海、北京两地GDP增速较2024年有所上涨，但居民收入增速较2024年放缓，两地的居民收入与经济增速差距进一步拉大；浙江、天 津的工资性收入增速相比2024年有所上涨，但仍低于同期GDP增速。 最富五地的城镇化率分列全国1—3位和5、6位，均超75%，同时也是典型的人口流入地，常住人口数超2.1亿。2025年，全国居民收入增速与同期GDP增 速持平。在最富五地外，全国还有8个省份也出现了这一现象。 "保持居民收入与经济增长同步"长期以来是宏观经济的一个重要目标。多位研究者认为，"高基数"是上述五地居民收入增速放缓的原因之一，但不能完全 解释为何最富五地居民收入增速开始持续性低于当地经济增速。 启铼研究院首席经济学家潘向东表示，"最富五地"收入增速持续低于 ...

启铼研究院首席经济学家潘向东表示，"最富五地"收入增速持续低于GDP增速，是宏观产出与微 观体感之间温差的量化体现。宏观层面，GDP反映的是地区总产出扩张，其增量可能更多来自资 本深化、技术进步、龙头企业利润等方面，因此在总量层面仍能保持韧性。而居民收入直接对应家 庭就业、薪酬、经营收益与财富收益，更贴近微观主体的真实获得感。当增长的增量主要沉淀在企 业利润、税收等项目，或者集中在资本回报更高的部门与主体时，向居民部门的传导就会偏弱，出 现GDP增速稳健、但居民增收乏力的分化。 潘向东认为，人均收入增速持续低于GDP增速现象不能简单归为自然演化，而应理解为"产出增长 结构"与"居民收入形成机制"之间存在阶段性偏离，后续需通过改善就业与收入预期、提高居民部 门在分配中的获得感来缩小差距。 人均收入增速持续低于GDP增速，并非单纯的经济发展自然规 律，本质上反映出居民收入增长面临更现实、更持续的挑战。 作者：田进 封图：图虫创意 近期，各省份陆续公布2025年经济数据。其中，上海、北京、浙江、江苏、天津五地居民人均可 支配收入（下称"居民收入"）增速均低于同期GDP增速，差距超过0.4个百分点。上述五地是中国 居 ...

Core Viewpoint - The income growth of the wealthiest five regions in China has consistently lagged behind GDP growth for two consecutive years, indicating a divergence between macroeconomic performance and microeconomic experiences of residents [2][3][4]. Economic Data Analysis - In 2025, the per capita disposable income growth in Shanghai, Beijing, Zhejiang, Jiangsu, and Tianjin was below the GDP growth rate by over 0.4 percentage points, marking a significant trend as these regions are the highest in per capita income, exceeding 55,000 yuan [2]. - Shanghai's GDP growth increased from 5% in 2024 to 5.4% in 2025, while its per capita income growth decreased from 4.2% to 4.1%, ranking last among 31 provinces [7]. - Beijing's GDP growth also rose from 5.2% to 5.4%, but its income growth fell from 4.5% to 4.3% [7]. - Zhejiang and Jiangsu experienced a similar trend, with income growth dropping below GDP growth since 2022 [7]. Income Composition - Per capita disposable income consists of wage income, operating net income, property net income, and transfer net income, with wage income accounting for over 60% in most provinces, serving as the primary driver of income growth [9]. - In 2025, the wage income growth in the wealthiest five regions exceeded the growth of disposable income but remained below GDP growth [10]. Structural Challenges - The persistent gap between income growth and GDP growth reflects structural issues in income distribution and economic output, with a need for improved employment and income expectations to bridge this gap [11]. - Factors such as external demand fluctuations, real estate adjustments, and pressures on small and medium enterprises have led to cautious approaches in hiring and wage increases, further weakening income growth [11]. Future Outlook - The government aims for resident income growth to align with economic growth in 2026, with GDP growth targets set at 5% or higher for most of the wealthiest regions [16]. - Experts suggest that enhancing wage income is crucial, as it plays a more significant role in driving overall income growth compared to property net income [17]. - Strategies to improve income should focus on stabilizing employment, ensuring reasonable wage growth, and enhancing the distribution mechanisms to benefit residents more effectively [17].