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Home >> Business
UPDATED: 17:24, January 23, 2006
Beijing's GDP grew by 11.9% annually during 10th Five Year
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According to the figures unveiled by the municipal statistics authority Sunday, China's capital Beijing scored GDP of 681.45 billion yuan in 2005. That represented a year-on-year increase of 11.1 percent in terms of comparable price and 5,457 USD of GDP per capital which was up to par with that of mid-income countries.

Beijing's annual GDP growth during the 10th Five-year Plan period (2001-2005) was 11.9 percent according to the revised figures after the first national economic census. That was faster by 2.9 percentage points than the goal originally set for the past five years, said Yu Xiuqin, Vice Director and spokesperson of the city's statistics administration.

The three industries, that is, the primary, secondary and tertiary industries, contributed to 1.4, 30.9 and 67.7 percent of the local GDP in 2005, compared with the 2.5, 32.7 and 64.8 percent respectively in 2004. The rise of the tertiary industry, therefore, indicated that Beijing's industrial structure was very close to the level of a developed country or region.

There were 15.38 million permanent residents in the capital city in 2005, 453,000 more than the previous year. More than 11.8 million of them had been registered on their residence cards (hukou), 178,000 million more than in 2004. During the 10th Five-year Plan Period, Beijing had 349,000 new permanent residents each year on average, with 146,000 of them holding residence cards.

In the past five years, residents in Beijing saw their disposable income increase by 11.2 percent to 17,653 yuan per capita on average, after the price factor was considered. Farmers' net income per capita grew by 8.1 percent to 7,860 yuan.

Dr. Mei Song from the Beijing Academy of Social Sciences concluded that the inflation of the rural and urban residents' income reflected the local GDP growth and was one of the fastest in the country.

In 2005, the Engle Coefficient, measuring the food cost in life, reduced by 4.5 and 3.9 percentage points to 31.8 percent and 32.8 percent in urban and rural areas in 2005. Dr. Mei Song quoted the FAO' s criteria that an Engle Coefficient above 59 percent denoted poverty, 50-59 percent means enough food and clothing, 40-50 percent stands for well-off, while people living with 30-40 percent Engle Coefficient are rich and those below 30 percent are the richest.

In terms of urban residents' income, a Beijing citizen spent about 500 yuan on food every month, which should be regarded as a normal level.

The real estate sector boomed at a speed of 19.7 percent annually during the past five years, 7.4 percentage points faster than the average rise of the tertiary industry, and accounted for 7.2 percent of the local GDP in 2005, compared with 4.6 percent in 2000.

However, investment in the real estate development saw growth slow down by 19 percentage points to 3.5 percent and its share in the total fixed asset investment shrank to 53.9 percent in 2005 from 58.3 percent in 2000.

Yu Xiuqin attributed Beijing's strict implementation of the macro-control policy over fund and land in the housing sector to the cooling investment in real estate last year. In 2004, 58 percent of the investment in Beijing went to the property sector and that was the highest in the country.

Yu believes that the national policy of the real estate industry for the future is very clear. The purpose of the adjustment, or the control, noted Yu, is to make sure that the industry will develop steadily and moderately. After all, Yu stressed, the housing sector is still one of the pillars of the urban economy.

In 2005, retailing sales in Beijing reached 290.28 billion yuan, up 10.5 percent over 2004. Retailing sales for the 10th Five-year Plan period totaled 11.7 trillion yuan, which was 1.7 times as much as that during the 9th Five-year Plan Period.

Consumers spent more on housing, transportation and communications. In 2005, 570,000 automobiles, including 372,000 new vehicles, were sold, 2.5 times and 2.3 times respectively as many as those in 2001. A sample survey found that 14.7 percent of the private consumption per capita went to transportation and communications. In addition, during the 10th Five-year Plan Period, 101 million square meters of housing space was sold in Beijing, 4.2 times as much as that in the 9th Five-year Plan Period.

By People's Daily Online


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