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Where Money is the Root of All Happiness

Beijing residents are enjoying a better life, thanks to increased income, according to an annual report by the city's statistical bureau. Last year's Engel's Coefficient, which indicates the proportion of spending on food in consumers' entire expenditure, was 33.8 by local residents, a 9.9 percentage points drop compared with the figure in 1997. In the same period, local people's expenditure on education and cultural and recreational activities increased by four percentage points.

Since 1998, 78 million square meters of residential housing has been built in the city, a 70 percent increase over the five years prior to '98. Per-capita housing space is now 18 square meters, up 3.64 square meters compared with 1998.