China is one of the largest and fastest-growing economies in the world, and its cost of living can vary depending on location and lifestyle. In this article, we’ll explore the local currency in China, compare the cost of living in China to the cost of living in the UK and the USA, break down costs in China for singles, couples, and families of 4 in various categories, and explain the most common forms of payment in China.
Local Currency in China
The local currency in China is the Chinese yuan, also known as renminbi. The currency is abbreviated as CNY, and the symbol is ¥. One yuan is divided into 10 jiao, and one jiao is divided into 10 fen. The most common coins in circulation are 1 yuan, 5 jiao, and 1 jiao, while the most common banknotes are 1, 5, 10, 20, 50, and 100 yuan.
Cost of Living in China Compared to the UK and the USA
The cost of living in China is generally lower than the cost of living in the UK and the USA. According to Numbeo, a website that compares the cost of living in different countries, the cost of living index in China is 40.08, while the cost of living index in the UK is 71.79 and the cost of living index in the USA is 72.56. The cost of living index is a measure of the average cost of goods and services in a country, where 100 is the index for New York City.
However, the cost of living in China can vary greatly depending on the city and the lifestyle. For example, living in Beijing or Shanghai can be more expensive than living in smaller cities or rural areas. Also, living in the city center can be more expensive than living in the suburbs.
Cost Breakdown in China
The cost of living in China can vary greatly depending on the lifestyle and location. Below is a breakdown of costs in China for singles, couples, and families of 4 in various categories.
Housing
The cost of housing in China can vary greatly depending on the city and the location. According to Numbeo, the average cost of rent for a one-bedroom apartment in the city center is around ¥4,000 per month, while the average cost of rent for a one-bedroom apartment outside the city center is around ¥2,500 per month. However, the cost of housing can be much higher in cities like Beijing and Shanghai.
Food
The cost of food in China is generally lower than the cost of food in the UK and the USA. According to Numbeo, the average cost of a meal at an inexpensive restaurant in China is around ¥20, while the average cost of a meal at a mid-range restaurant is around ¥70. The cost of groceries in China can vary greatly depending on the location and the type of food. For example, the cost of fruits and vegetables is generally lower than the cost of meat and dairy products.
Utilities
The cost of utilities in China can vary depending on the location and the season. According to Numbeo, the average cost of utilities for a 85 square meter apartment in China is around ¥413 per month. This includes electricity, heating, water, and garbage collection. However, the cost of utilities can be higher in the summer or winter when the demand for electricity and heating is higher.
Leisure
The cost of leisure activities in China can vary greatly depending on the location and the type of activity. For example, the cost of movie tickets in China is generally lower than the cost of movie tickets in the UK and the USA. According to Numbeo, the average cost of a movie ticket in China is around ¥45, while the average cost of a movie ticket in the UK is around £10 and the average cost of a movie ticket in the USA is around $9.
The cost of other leisure activities, such as visiting tourist attractions, can also vary greatly depending on the location and the season. For example, the cost of visiting the Great Wall of China is around ¥60, while the cost of visiting Disneyland Shanghai is around ¥399.
Transport
The cost of transportation in China can vary depending on the location and the mode of transportation. According to Numbeo, the average cost of a one-way ticket on public transportation in China is around ¥3, while the average cost of a taxi ride for 8 kilometers is around ¥30. However, the cost of transportation can be higher in larger cities or during peak hours.
Clothing
The cost of clothing in China can vary depending on the quality and the location. According to Numbeo, the average cost of a pair of jeans in China is around ¥303, while the average cost of a dress is around ¥297. However, the cost of clothing can be higher in larger cities or for name brand items.
Household Goods
The cost of household goods in China can vary depending on the location and the type of item. For example, the cost of a 40-inch LED television in China is around ¥2,400, while the cost of a washing machine is around ¥2,100. However, the cost of household goods can be higher for imported items or name brand products.
Forms of Payment in China
The most common forms of payment in China are cash, credit/debit cards, and mobile payment apps. Cash is still widely used in China, especially for small transactions. Credit and debit cards are also widely accepted, especially in larger cities or at international retailers. However, some retailers may not accept foreign cards, and it’s important to check before making a purchase.
Mobile payment apps, such as WeChat Pay and Alipay, are also very popular in China. These apps allow users to link their bank accounts or credit cards to their mobile phones and make purchases by scanning a QR code. Mobile payment apps are widely accepted in China, and are often used for everything from paying for groceries to splitting a restaurant bill.
In conclusion, the cost of living in China can vary greatly depending on the location and the lifestyle. However, the cost of living in China is generally lower than the cost of living in the UK and the USA. The most common forms of payment in China are cash, credit/debit cards, and mobile payment apps. It’s important to research the cost of living and the forms of payment before traveling to China or moving to China.