Beijing's Economy Growing Steadily This Year

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Last updated at: (Beijing Time) Wednesday, October 02, 2002

Beijing's Economy Growing Steadily This Year

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Beijing municipality has witnessed economic growth in its overall economy this year, with its GDP reaching 187 billion yuan (22.5 billion US dollars) by the end of August, a rise of 9.3 percent over the same period last year.

The main areas of positive change were in the fields of investment and consumption, industrial production, import and export trade as well as income of urban and rural residents.

According to statistics, agriculture, the primary industry of Beijing achieved an added value of nearly 5.96 billion yuan (723 million US dollars), up 5.5 percent from last year. The second, general production industries, reported 66.85 billion yuan (8 billion US dollars), rising by 6.6 percent, while the tertiary service industry was 114.22 billion yuan (13.8 billion US dollars),up 11.3 percent.

Agriculture has maintained a sound development due to structural adjustment. From January to August, the total production value of farming, forestry, animal husbandry and fishery exceeded 13.08 billion yuan (1.6 billion US dollars), 11.6percent more than the same period last year. Output from crop cultivation and livestock breeding increased by more than 10 percent.

Electronic communication products was a fast-rising industry in Beijing. Mobile communications equipment sold 1.7 times more in the first eight months of this year than it did during the same period in 2001. Program-controlled switches rose 79.2 percent, microcomputers 40.1 percent, and color TV tubes 21.3 percent, and electronic components increased by 25.4 percent.

Decline in investment growth also came to a halt. By the end of August, the city of Beijing had invested a total of 90.83 billion yuan (10.9 billion US dollars) in fixed assets, 19.4 percent more than that of the same period last year.

During the same period, some 1.3 billion yuan (156.6 million US dollars) was also invested in hi-tech industries, increasing by 42.3 percent over last year and accounting for 26.1 percent of the city's total industrial investment. Investment in the new and high tech industries rose by a big margin in the first eight months of this year. To date, 1.3 billion yuan (157 million US dollars) has been invested in this field, an increase of 42.3 percent over the same period last year or 26.1 percent of the total investment for the city's industry.

Investment in 60 major projects designated by the municipal government amounted to over 33.17 billion yuan (4 billion US dollars), among which 10.21 billion yuan (1.2 billion US dollars) was used in traffic projects, 2 billion yuan (241 million US dollars) for improving the environment and 10.76 billion yuan (1.3billion US dollars) for reconstructing old or dilapidated houses.

From January to August, the disposable income of Beijing's urban residents reached 8,248 yuan per capita, increasing 12.8 percent over last year. Average cash income of farmers on the city's rural outskirts amounted to 4,396 yuan per person, a 15.4 percent rise over last year.

Starting from this June, the previously slow growth rate of local export trade began to pick up. In the first seven months, Beijing's local enterprises reported a total export value of 2.94 billion US dollars, 4.9 percent higher than last year.

In addition, Beijing also saw a more extensive use of foreign capital this year. So far, it has signed 891 new contracts with overseas firms, introducing 2.95 billion US dollars of foreign capital, respectively 22.6 percent and 61.3 percent higher than the same period last year.

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