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Average factory wages have more than quintupled, in nominal, renminbi-denominated terms since 2004.
In nominal terms, the renminbi has appreciated against the dollar by about 3.6 percent since last summer.
The renminbi has rallied 17 percent against the dollar in nominal terms during the past five years, and China's trade surplus as a proportion of gross domestic product has shrunk 75 percent.
The renminbi has appreciated more than 30 percent against the dollar in nominal terms since 2005, Mr. Zhou said, adding that the currency had "appreciated quite a bit in the past 15 years".
All these changes are designed to arrest the deflation, boost nominal GDP and hopefully real GDP, and at the same time, protect the renminbi's peg.
Since June, when China pledged to allow its currency, the renminbi, to move more freely, it has appreciated by about 3 percent against the dollar in nominal terms, or an annualized rate of about 6 percent, though the appreciation is greater in real terms because inflation in China is higher than in the United States.
Nominal GDP.
(Dinner, 110 renminbi for two).
Monetary unit: renminbi (yuan) (Y).
Rooms start at 599 renminbi.
Breakfast for two: 95 renminbi.
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CEO of Professional Science Editing for Scientists @ prosciediting.com