Beijing Reports Two-digit Economic Growth Rate

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Last updated at: (Beijing Time) Friday, June 20, 2003

Beijing Reports Two-digit Economic Growth Rate

The Chinese capital, Beijing, registered 120.37 billion yuan (14.6 billion US dollars) in gross domestic product (GDP) in the first five months this year, a rise of 10.4 percent year on year.

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The Chinese capital, Beijing, registered 120.37 billion yuan (14.6 billion US dollars) in gross domestic product (GDP) in the first five months this year, a rise of 10.4 percent year on year.

The growth rate is 1.8 percentage points lower than that for the same period of last year, according to statistics from the Beijing municipal development planning committee.

Lu Yingchuan, an official with the committee, said signs of recovery had appeared in the city's retail sales, catering industry and transportation since late May.

Lu said severe acute respiratory syndrome (SARS), which is being controled in Beijing, would not hold back the growth momentum of the city's economy.

Lu said the industrial sector played an important role in Beijing's economic growth in the five-month period.

Statistics show the added industrial value of the city totaled 38.02 billion yuan (4.59 billion US dollars) in the first five months, an increase of 13.5 percent year on year.

Beijing's investment in the fixed assets topped 50.85 billion yuan (6.15 billion US dollars) in the five-month period, up 13.2 percent over the same period last year.

Despite severe SARS situation, Beijing's retail sales rose by 15.2 percent year-on-year to reach 75.06 billion yuan (9.08 billion US dollars) in the first five months this year, statistics show.

Lu said Beijing's tertiary sector was hard hit by SARS. Statistics showed the number of overseas tourists dropped by 93.9 percent and passenger volume by 72.3 percent in May.

Beijing is set to take a series of measures to boost its economy, especially to revitalize the industries hard hit by SARS.

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