Press Release

Economic Development of Beijing Maintained a Stable and Good Momentum in 2017

  In 2017, the whole city adhered to the overall work tone of “steady progress”, further promoted the supply-side structural reform focusing on new development idea and the strategic positioning of the capital and well coordinated the implementation of works such as dispersing function, keeping steady growth, promoting the reform, restructuring, improving people’s wellbeing and preventing risk. The economic development of Beijing maintained steady with a good momentum.

 

  According to the preliminary statistics, the city’s GDP totaled RMB 2800.04 billion, up by 6.7% YoY at comparable price; the growth rate was slightly lower than that in last year by 0.1 percentage points. By industries, the value added of the primary industry was RMB 12.05 billion, down by 6.2%; the value added of the secondary industry was RMB 531.06 billion, up by 4.6%; the value added of the tertiary industry was RMB 2256.93 billion, up by 7.3%.

 

  The value added of new economy in 2017 totaled RMB 908.56 billion, up by 9.8% at current price and accounting for 32.4% of the city’s economy. The value added of high-tech industry was RMB 638.73 billion, up by 9.5%; The value added of strategic emerging industry was RMB 453.13 billion, up by 10.6% (overlapping parts of both exist).

 

Accumulative Growth Rates of GDP since 2015 (%)

 

 

  1. Transformation and upgrading of agriculture was continued and ecological agriculture and urban agriculture developed steadily.

 

  In 2017, the restructuring of agriculture was further promoted. Traditional agriculture continued to shrink. The grain acreage decreased by 23.5% YoY. Marketable fattened stock, milk yield and egg yield reduced by 12.1%, 18.1% and 14.4% respectively.

 

  The ecological function of agriculture was further enhanced. Urban modern agriculture developed steadily. The city’s output value of forestry in 2017 increased by 12.7% YoY. The revenue from tourism parks in the city reached RMB 2.99 billion, up by 6.9% YoY. A total of 4.505 million person-times were received in agricultural exhibitions and farming festivals, realizing an income of RMB 250 million.

 

  2. Industrial production grew steadily and the benefits and efficiency were improved.

 

  In 2017, the value added (at comparable price) of industrial enterprises above designated size in the city rose by 5.6% YoY and the growth rate increased by 0.5 percentage points YoY. Of which, the value added of hi-tech manufacturing and strategic emerging industries (with overlapping parts) rose by 13.6% and 12.1% respectively. In key sectors, the value added of pharmaceutical industry increased by 18.8%, that of computers, communications and other electronic equipment manufacturing industry increased by 10.8%, that of power and heat generation and supply industry increased by 9.3%, while that of automobile manufacturing industry dropped by 2.9%.

 

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

 

 

  In the first eleven months, industrial enterprises above designated size in the city earned a profit of RMB 175.38 billion, up by 28.9% YoY, and the growth rate increased by 23.2 percentage points YoY; full labor productivity of industrial enterprises above designated size reached RMB 397,000/person, up by 32,000/person YoY.  

 

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

 

  In 2017, added value of the tertiary industry in the city increased by 7.3% YoY and the growth rate rose by 0.3 percentage points YoY. Advantaged sectors, such as finance, science &technology services, information services, etc., totally contributed 53.3% to economic growth in the city. Of which, the value added of financial sector achieved RMB 463.45 billion, up by 7.0%; the value added of the sector of scientific research and technology service was RMB 285.92 billion, up by 10.7%; the value added of the sector of information transmission, software and IT service was RMB 316.9 billion, up by 12.6%. 

 

  In the field of circulation, under the rapid development of the transport sector, the value added of transportation, warehousing and postal services increased by 12.1% YoY. In public service sector, the value added of water conservancy, environment and public facilities management sector grew by 12.1% and the value added of education sector increased by 8.3%. 

 

  4. Investment scale grew steadily and social benefit was further strengthened.

 

  In 2017, the city completed RMB 894.81 billion of total investment in fixed assets, up by 5.7% YoY, and the growth rate was lower than that of last year by 0.2 percentage points. Driven by projects of transportation, energy, landscaping, etc., RMB 298.42 billion of investment in infrastructures was completed, up by 24.4%, and accounting for 33.4% of total investment in fixed assets of the society, up by 5 percentage points YoY; RMB 374.59 billion of investment in real estate development was completed, down by 7.4%. By sectors, the investment in primary industry reached RMB 9.59 billion, down by 3.9%; that in the secondary industry amounted to RMB 89.38 billion, up by 23.6%; the investment in the tertiary industry (including real estate development) totaled RMB 795.84 billion, up by 4.2%, of which, the investment in leasing and business services, information transmission, software and information technology services as well as tourism grew by 120%, 42.8% and 23.8% respectively.

 

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

 

 

 

  At the end of 2017, the construction area of commercial housing in the city was 126.086 million square meters, down by 3.7% YoY. Of which, construction area of residential buildings amounted to 55.066 million square meters, down by 7.1%. Area of sold commercial buildings amounted to 8.75 million square meters, down by 47.8%. Of which, area of sold residential buildings amounted to 6.128 million square meters, down by 38.3%. 

 

  The affordable housing construction was promoted steadily. At the end of 2017, the city’s construction area of affordable housing amounted to 42.775 million square meters, accounting for 33.9% of the construction area of the city’s new commercial housing, up by 3.7 percentage points YoY; the sales area amounted to 2.67 million square meters, accounting for 30.5% of the sales area of the city’s new commercial housing, up by 12.6 percentage points YoY.

 

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

 

  In 2017, the total market consumption in the city hit RMB 2378.9 billion, up by 8.5% YoY. Service consumption achieved RMB 1221.36 billion, up by 11.8%, accounting for 51.3% of total market consumption and contributing 69.4% to the total consumption; total retail sales of consumer goods amounted to RMB 1157.54 billion, up by 5.2%.

 

  In total retail sales of consumer goods, the on-line retail volume of wholesaling and retailing enterprises above designated size reached RMB 237.14 billion, up by 10.9%, pulling the retail sales of the city by 2.1 percentage points. By consumption pattern, income from retail sales of goods was RMB 1054.66 billion, up by 4.9%; income from catering was RMB 102.88 billion, up by 7.7%. By commodity category, the retail sales of household appliances and audio-visual equipment and stationery, office supplies and new energy vehicles respectively increased by 18.1%, 16.4% and 15.3%.

 

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

 

 

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

 

  In 2017, 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 4.7%. In 8 categories of commodities and service items, the prices of 7 categories increased while the price of 1 category dropped. The prices of food, tobacco & alcohol, housing, household goods & services, transportation & communication, education, culture & entertainment, healthcare and other supplies & services grew by 0.5%, 3.8%, 0.6%, 0.3%, 2.3%, 7.4% and 2.7% respectively; prices of clothing fell by 2.2%. In December, the CPI increased by 2.2% YoY and 0.5% month on month.

 

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

 

 

  In 2017, PPI and Industrial Production Index (IPI) in the city increased by 0.7% and 4.4% respectively YoY. In December, PPI and Industrial Production Index (IPI) in the city increased by 0.1% and 1.9% respectively YoY, and both increased by 0.3% month on month.

 

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

 

 

  7.  Resident income grew rapidly, keeping pace with economic growth.

 

  In 2017, the per capita disposable income of residents in the city was RMB 57,230, up by 8.9% YoY and up by 6.9% in real terms on inflation-adjusted basis. The per capita disposable income of urban residents hit RMB 62,406, up by 9.0 YoY; that of rural residents reached RMB 24,240, up by 8.7% YoY; the increase in real terms was 7.0% and 6.7% respectively on inflation-adjusted basis.

 

  8. Permanent resident population kept stable, with certain drop.

 

  At the end of 2017, the permanent resident population of the city was 21.707 million, down by 22,000 YoY (0.1%).

 

  By age, permanent resident population aged 0-14 was 2.264 million, accounting for 10.4% of the city’s total permanent resident population; permanent resident population aged 15-59 was 15.861 million, accounting for 73.1% of the city’s total permanent resident population; permanent resident population aged 60 and over was 3.582 million, accounting for 16.5% of the city’s total permanent resident population.

 

  By areas, urban permanent resident population was 18.766 million and rural permanent resident population was 2.941 million; the proportion of urban permanent resident population in total permanent resident population was 86.5%.

 

  The overall economic development of Beijing in 2017 maintained steady with a good momentum. The year of 2018 is the first year for Beijing to practice the spirit of the 19th CPC National Congress and Beijing City Master Plan (2016-2035), the 40th anniversary of reform and opening up and a crucial year to implement the 13th Five-year Plan, we will adhered to the overall work tone of “steady progress” and further promote the high quality development of economy with a focus on supply-side structural reform.