Beijing Reports Double-digit Economic Growth Rate

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Last updated at: (Beijing Time) Wednesday, November 13, 2002

Beijing Reports Double-digit Economic Growth Rate

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The gross domestic product of Beijing, the Chinese capital, totaled 243.41 billion yuan (29.4 billion US dollars) in the first ten months of this year, a rise of 10 percent on a yearly basis, the city statistics bureau said Wednesday.

The city also scored a year-on-year 13.6 percent increase in the total output value of the agricultural, forestry, animal husbandry and fishery sectors, an increase of 13.8 percent in industrial added value, and an 18.4 percent rise in fixed assets investment.

Analysts cited the rapid development of industrial production, steady increase in investment, growing market demand and big growth in exports and local fiscal revenue as the major contributing factors to the two-digit growth rate of the local economy.

The statistics bureau said major projects and the real estate industry remained the two major driving forces behind the rapid increase in the city's fixed assets investment from January to October.

During that period, Beijing's 60 major projects used 42.53 billion yuan (5.14 billion US dollars) in investment, and the total investment in the real estate sector reached 70.33 billion yuan (8.5 billion US dollars), up 47 percent and 30.3 percent year-on-year, respectively.

The successful bid for hosting the 2008 Olympic Games has made Beijing an investment hotspot for foreigners. In the first ten months, the city approved 1,161 foreign-funded ventures, 29.9 percent more than a year earlier. Contractual foreign investment totaled 4.44 billion US dollars, doubling the figure for the same period last year.

So far this year, the city government has harvested 46.46 billion yuan (5.6 billion US dollars) in fiscal revenue, a year-on-year increase of 26.9 percent. The per capita income for both urban and rural dwellers grew by more than 14 percent.

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