Press Release

Economic Development of Beijing Maintained a Stable and Good Momentum in the First Three Quarters

  Since the beginning of this year, the whole city has adhered to the overall work tone of “steady progress” and further promoted the supply-side structural reform focusing on the strategic positioning of the capital. The economic development of Beijing maintained steady with a good momentum, which further strengthened the favorable pattern of steady growth, improvement of people’s wellbeing, structural optimization and quality enhancement.

 

  According to the preliminary statistics, the city’s GDP in the first three quarters totaled RMB 1956.98 billion, up by 6.8% YoY based on comparable price; the growth rate remained the same as the 1st half year, up by 0.1 percentage points YoY. By industries, the value added of the primary industry was RMB 8.69 billion, down by 4.6%; the value added of the secondary industry was RMB 342.96 billion, up by 5.4%; the value added of the tertiary industry was RMB 1605.33 billion, up by 7.1%.

 

Accumulative Growth Rates of GDP since 2015 (%)

 

 

  1. The urban modern agriculture developed steadily and the ecological function of agriculture was further enhanced.

 

  The urban modern agriculture developed steadily. In the first three quarters, the revenue from tourism parks in the city reached RMB 2.07 billion, up by 5.1% YoY. A total of 4.146 million people were received in agricultural exhibitions and farming festivals, realizing an income of RMB 240 million. The facility agriculture achieved average revenue per mu of RMB 19,000, up by 4.6%. 

 

  The ecological function of agriculture was further enhanced. Driven by afforestation projects such as ecological landscape afforestation and Beijing-Tianjin sandstorm source control, the city’s output value of forestry in the first three quarters increased by 15.5% YoY and the service value of agro-ecological services increased significantly. 

 

  2. Industrial production was further accelerated and the benefits and efficiency were improved.

 

  In the first three quarters, the added value (at comparable prices) of industrial enterprises above designated size in the city rose by 6% YoY and the growth rate was 2.1 percentage points higher YoY. Of which, the added value of hi-tech manufacturing and strategic emerging industries rose by 16.7% and 14.4% respectively. In key sectors, the added value of computers, communications and other electronic equipment manufacturing industry increased by 19.5%, that of the pharmaceutical industry increased by 18.9%, while that of automobile manufacturing industry dropped by 2.3%. The output of high-tech products, such as optoelectronic devices and electronic components, increased by 53.3% and 28.6% respectively. Industrial enterprises above designated size in the city achieved a sales-output ratio of 98.3%, up by 0.1 percentage points YoY.

 

Accumulative Growth Rates of Added Value in Industrial Enterprises above Designated Size since 2015 (%)

 

  In the first eight months, industrial enterprises above designated size in the city earned a profit of RMB 107.66 billion, up by 16.7% YoY, and the growth rate increased by 9.9 percentage points YoY; full labor productivity reached RMB 376,000/person, up by 29,000/person YoY. 

 

  3. The service industry grew steadily and advantaged sectors played a key leading role.

 

  In the first three quarters, added value of the tertiary industry in the city increased by 7.1% YoY, 0.3 percentage points higher than the economic growth rate of the city. Advantaged sectors, such as finance, science &technology services, information services, etc., grew steadily, totally contributing 53.2% to economic growth in the city. Of which, the financial sector achieved RMB 340.86 billion of added value, up by 7.4%; the sector of scientific research and technology service realized RMB 231.23 billion of added value, up by 10.8%; the sector of information transmission, software and IT service gained RMB 214.45 billion of added value, up by 10.2%. 

 

  The growth in the field of circulation seemed good. Under the rapid development of the transport sector, the value added of transportation, warehousing and postal services was RMB 92.5 billion, up by 13.1% YoY, 6 percentage points higher than the average level of the tertiary industry. Although public service sector was small in size, it maintained a fast growth. Added value of water conservancy, environment and public facilities management sector grew by 12.2% and added value of education sector increased by 8.6%. 

 

  4. Investment scale grew steadily and the function of making up the short board and benefiting the people’s livelihood was further strengthened.

 

  In the first three quarters, the city completed RMB 609.37 billion of total investment in fixed assets, up by 5% YoY. Driven by projects of transportation, energy, landscaping, etc., RMB 196 billion of investment in infrastructures was completed, up by 26.9%; RMB 264.48 billion of investment in real estate development was completed, down by 6.8%. By sectors, the investment in primary industry reached RMB 6.53 billion, up by 13.3%; that in the secondary industry amounted to RMB 56.28 billion, up by 15%; the investment in the tertiary industry (including real estate development) totaled RMB 546.55 billion, up by 3.9%, of which, the investment in leasing and business services, as well as information transmission, software and information technology services grew by 91.4% and 50.1% respectively.

 

Accumulative Growth Rates of Total Investment in Fixed Assets since 2015 (%)

 

 

  In the first three quarters, the construction area of commercial housing in the city was 114.901 million square meters, down by 8% YoY. Of which, construction area of residential buildings amounted to 48.983 million square meters, down by 13.5%. Area of sold commercial buildings amounted to 5.648 million square meters, down by 49.2%. Of which, area of sold residential buildings amounted to 3.707 million square meters, down by 42.9%. 

 

  The affordable housing construction was promoted steadily. In the first three quarters, the city’s construction area of affordable housing amounted to 37.924 million square meters, up by 2% YoY, accounting for 33% of the construction area of the city’snew commercial housing, up by 3.2 percentage points YoY; the sales area amounted to 1.269 million square meters, up by 19.2%, accounting for 22.5% of the sales area of the city’s new commercial housing, up by 12.9 percentage points YoY. 

 

  5. Market consumption grew rapidly and the consumption structure continued to upgrade.

 

  In the first three quarters, the total market consumption in the city hit RMB 1715.06 billion, up by 8.6% YoY. Service consumption achieved RMB 897.57 billion, up by 11.7%, accounting for 52.3% of total market consumption and contributing 69.6% to the total consumption; total retail sales of consumer goods amounted to RMB 817.49 billion, up by 5.4%. 

 

  In total retail sales of consumer goods, the on-line retail volume of wholesaling and retailing enterprises above designated size reached RMB 150.48 billion, up by 11.7%. By consumption pattern, income from retail sales of goods was RMB 739.64 billion, up by 5.1%; income from catering was RMB 77.85 billion, up by 7.8%. By commodity category, the retail sales of new energy vehicles, household appliances and audio-visual equipment and stationery and office supplies respectively increased by 38.5%, 19.4% and 15.8%.

 

Accumulative Growth Rates of Total Retail Sales of Consumer Goods since 2015 (%)

 

 

  6. Consumer Price Index (CPI) had a gentle rise and the Producer Price Index (PPI) remained steady.   

 

  In the first three quarters, CPI in the city increased by 1.9% YoY; the price of consumer goods remained the same as the previous year and price of service items went up by 4.1%. In 8 categories of commodities and service items, the prices of 7 categories increased while the price of 1 category dropped. The prices of healthcare, housing, other supplies& services and education, culture & entertainment grew by 7.4%, 3.8%, 2.9% and 2.4% respectively; prices of household goods& services, transportation & communication and food, tobacco & alcohol grew by 0.5%, 0.4% and 0.4% respectively; price of clothing fell by 2.2%. In September, the overall CPI increased by 1.6% YoY and 0.2% month on month.

 

Monthly Year-on-year Increase/Decrease Rate of CPI since 2015 (%)

 

 

  In the first three quarters, PPI and Industrial Production Index (IPI) in the city increased by 0.9% and 5% respectively YoY. In September, PPI and Industrial Production Index (IPI) in the city increased by 0.3% and 3.4% respectively YoY, and respectively remained the same and increased by 0.1% month on month.

 

Monthly Year-on-year Increase/Decrease Rate of PPI and IPI in Beijing since 2015 (%)

 

 

  7. Resident income grew more rapidly.

 

  In the first three quarters, the per capita disposable income of residents in the city was RMB 42,641, up by 9.2% YoY and up by 7.2% in real terms on inflation-adjusted basis, and the growth rate increased by 0.1 percentage points YoY. By permanent residence, the per capita disposable income of urban residents hit RMB 46,296, up by 9.1% YoY; that of rural residents reached RMB 19,347, up by 8.4% YoY; the increase in real terms was 7.1% and 6.4% respectively on inflation-adjusted basis. 

 

  The overall economic development of Beijing in the first three quarters maintained steady with a good momentum, the economic structure was further optimized, the growth impetus was further strengthened and the economic development quality was steadily lifted. Next, in the spirit of the 19th CPC National Congress, we will thoroughly implement the decisions and plans of the Party Central Committee, the State Council, Beijing Municipal Party Committee and Beijing Municipal Government, further deepen the supply-side structural reform and promote the sustainable and healthy development of economy.