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Beijing's economy continued to recover in the first seven months

2024-08-20

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Recently, Beijing Municipal Bureau of Statistics released data showing that from January to July, the city's industrial production grew rapidly, demand areas continued to recover, prices remained stable, and the overall economy continued to recover. "The capital's industry is showing characteristics of being smart, innovative, and future-oriented, and new industrial products and green products continue to activate new development momentum." Sun Li, associate researcher at the Institute of Economics of the Beijing Academy of Social Sciences, said.
Electronics and automobile industries drive steady industrial growth
The city's industrial production continued to maintain stable operation. Data showed that from January to July, the added value of industrial enterprises above designated size increased by 7.6% year-on-year at comparable prices, an increase of 0.5 percentage points over the first half of the year.
It is noteworthy that all four pillar industries achieved growth. Among them, the automobile manufacturing industry grew by 19.7%, an increase of 3.2 percentage points over the first half of the year; the computer, communication and other electronic equipment manufacturing industry grew by 21.1%, an increase of 1 percentage point over the first half of the year; the pharmaceutical manufacturing industry grew by 2.8%, the same growth rate as in the first half of the year; the electricity, heat production and supply industry grew by 9.3%, a slight decline from the first half of the year.
In terms of major industrial products, from January to July, the city produced 655,000 vehicles, up 14% year-on-year. The output of some high-end or emerging products increased rapidly, with the output of new energy vehicles, wind turbines, industrial robots and smart phones increasing by 4 times, 56.3%, 29.5% and 23.4% respectively.
"In the first seven months, the connection between production and sales continued to improve, with the product sales rate at 97.4%, up 1.6 percentage points from the first half of the year, demonstrating the strong development momentum of the capital's industry." Sun Li said that the series of outstanding achievements in the industrial field are a vivid practice of the capital's innovation-driven development strategy.
Investment in high-tech manufacturing increased by nearly 60%
"Since the beginning of this year, the city has been focusing on expanding effective investment, and investment has achieved rapid growth. From the perspective of composition, equipment purchase investment is the main driving factor." The relevant person in charge of the Municipal Bureau of Statistics introduced that from January to July, the city's fixed asset investment (excluding farmers) increased by 8.6% year-on-year. Among them, equipment purchase investment achieved a growth of 34.7%, driven by projects in the fields of information services and transportation.
In terms of different sectors, investment in manufacturing increased by 36.8%, investment in infrastructure increased by 25.3%, and investment in real estate development decreased by 2.4%. In terms of different industries, investment in the secondary industry grew rapidly, and investment in the tertiary industry provided strong support. According to reports, from January to July, investment in the primary industry grew by 0.2%, investment in the secondary industry grew by 26.8%, and investment in the tertiary industry grew by 6.7%. Investment in high-tech industries continued to be active, with investment in high-tech manufacturing and high-tech services growing by 58.8% and 17.5% respectively.
Manufacturing industry leads the optimization and upgrading of industries. Data shows that manufacturing investment increased by 36.8%, among which investment in computer, communication and other electronic equipment manufacturing increased by 80%, and investment in new energy vehicle manufacturing increased by 1.8 times.
The reporter learned that in Beijing Yizhuang, the annual output value of the high-end automobile and new energy smart automobile industries has exceeded 200 billion yuan, accounting for nearly 60% of the city's automobile industry output value. It has gathered leading vehicle companies such as Beijing Benz, BAIC New Energy, and Xiaomi Automobile, as well as nearly 40 well-known domestic and foreign parts companies such as Hainachuan.
Consumer prices remain low
From January to July, the city's total market consumption increased by 3.3% year-on-year, of which service consumption increased by 7.2%; the total retail sales of consumer goods reached 799.08 billion yuan, down 0.8%.
Relevant person in charge analyzed that the recovery of the city's consumer goods market has slowed down, but online retail has recovered faster, new consumption patterns have maintained relatively rapid growth, and consumer demand for upgraded goods such as communication equipment, gold and silver jewelry, and sports and entertainment products has continued to be released.
Data shows that out of the total retail sales of consumer goods, online retail sales of wholesale and retail enterprises above designated size, as well as accommodation and catering enterprises reached 304.03 billion yuan, up 4.6%; by consumption pattern, catering revenue was 74.42 billion yuan and retail sales of goods were 724.66 billion yuan; among the major commodity categories, retail sales of gold and silver jewelry, sports and entertainment products, and communication equipment increased by 26.7%, 12.1% and 4.1% respectively.
Consumer prices remained low. From January to July, the city's consumer prices rose by 0.1% year-on-year. Among them, food prices fell by 4.4%, non-food prices rose by 0.9%, consumer goods prices fell by 1%, and service prices rose by 1.3%.
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