A Sta­ble Econ­omy for 3Q

Beijing (English) - - CONTENTS - Trans­lated by Zhou Fu­jing Edited by Mark Zuiderveld

Bei­jing’s econ­omy has main­tained good devel­op­ment mo­men­tum char­ac­terised by sta­ble growth, op­ti­mised struc­ture, im­proved liveli­hood and bet­ter qual­ity dur­ing the first three quar­ters of 2017.

Since the be­gin­ning of 2017, Bei­jing Mu­nic­i­pal­ity has ad­hered to a prin­ci­ple of “mak­ing progress while main­tain­ing sta­bil­ity” to fo­cus on the city's ori­en­ta­tion and deepen re­form on the sup­ply-side. The econ­omy has main­tained good devel­op­ment mo­men­tum char­ac­terised by sta­ble growth, op­ti­mised struc­ture, im­proved liveli­hood and bet­ter qual­ity.

Ac­cord­ing to pre­lim­i­nary sta­tis­tics, the mu­nic­i­pal­ity's gross do­mes­tic prod­uct (GDP) to­talled 1.95698 tril­lion yuan for 2017's first three quar­ters, a year-on-year in­crease of 6.8 per­cent based on com­pa­ra­ble prices. The growth rate was the same as the year's first half and was 0.1 per­cent­age higher than the first three quar­ters of the pre­vi­ous year. Specif­i­cally, the pri­mary in­dus­try, sec­ondary in­dus­try and the ter­tiary in­dus­try grew in added val­ues of 8.69 bil­lion yuan, 342.96 bil­lion yuan and 1.60533 tril­lion yuan re­spec­tively, down 4.6 per­cent, up 5.4 per­cent and up 7.1 per­cent com­pared with pre­vi­ous year.

Sta­ble Devel­op­ments in Ur­ban and Mod­ern Agri­cul­ture

Ur­ban and mod­ern agri­cul­ture achieved steady growth dur­ing the year's first three quar­ters. To­tal in­come of the mu­nic­i­pal­ity's agri­cul­tural sight­see­ing gardens was 2.07 bil­lion yuan, up 5.1 per­cent year- on-year. Agri­cul­tural ex­hi­bi­tions and agri­cul­tural-re­lated cel­e­bra­tions and ac­tiv­i­ties re­ceived 4.146 mil­lion tourists, gen­er­at­ing an in­come of 240 mil­lion yuan. Fa­cil­ity agri­cul­ture achieved an in­come per 0.06 hectare of 19,000 yuan, up 4.6 per­cent.

Agri­cul­ture's func­tion to im­prove ecol­ogy was strength­ened. Thanks to the projects such as the land­scape foresta­tion and Bei­jing and Tian­jin sand­storm source con­trol, the out­put of the mu­nic­i­pal­ity's forestry in­dus­try increased by 15.5 per­cent year on year.

Higher Ef­fi­ciency, More Prof­its for Sec­ondary In­dus­try

Dur­ing the first three quar­ters, the mu­nic­i­pal­ity's to­tal added value of in­dus­trial en­ter­prises above designated size rose by 6 per­cent year-on-year based on com­pa­ra­ble prices, and the growth rate was 2.1 per­cent­age higher than same pe­riod of the pre­vi­ous year. Specif­i­cally, the added value of high­tech man­u­fac­tur­ing in­dus­try and emerg­ing strate­gic in­dus­try rose by 16.7 per­cent and 14.4 per­cent. Of the key sec­tors, the added value for com­put­ers, com­mu­ni­ca­tions and other elec­tronic equip­ment man­u­fac­tur­ing grew by 19.5 per­cent, phar­ma­ceu­ti­cal man­u­fac­tur­ing increased by 18.9 per­cent, while au­to­mo­tive man­u­fac­tur­ing de­creased by 2.3 per­cent. Out­puts for op­to­elec­tronic de­vices and elec­tronic de­vices increased by 53.3 per­cent and 28.6 per­cent re­spec­tively. The sales rate of in­dus­trial en­ter­prises reached 98.3 per­cent, 0.1 per­cent­age higher than the same pe­riod of pre­vi­ous year.

From Jan­uary to Au­gust, the to­tal profit cre­ated by these en­ter­prises was 107.66 bil­lion yuan, up 16.7 per­cent from a year ear­lier; and over­all labour pro­duc­tiv­ity was 376,000 yuan per per­son, an in­crease of 29,000 yuan per per­son than the pre­vi­ous year.

Ter­tiary In­dus­try Sees Steady Growth

Dur­ing the year's first three quar­ters, the added value of the mu­nic­i­pal­ity's ter­tiary in­dus­try increased by 7.1 per­cent year on year, 0.3 per­cent faster than the mu­nic­i­pal­ity's eco­nomic growth. Of this, the fi­nan­cial, sci­ence and tech­nol­ogy ser­vices, in­for­ma­tion ser­vices and

other com­pet­i­tive sec­tors main­tained steady devel­op­ment and ac­counted for 53.2 per­cent of the mu­nic­i­pal­ity's to­tal eco­nomic growth. The added value for the fi­nan­cial sec­tor was 340.86 bil­lion yuan, up 7.4 per­cent; the added value for sci­en­tific re­search and tech­nol­ogy ser­vices increased to 231.23 bil­lion yuan, up 10.8 per­cent, and the added value for in­for­ma­tion trans­mis­sion, soft­ware and in­for­ma­tion tech­nol­ogy ser­vices increased to 214.45 bil­lion yuan, up 10.2 per­cent.

The cir­cu­la­tion field main­tained good growth as well. The added value for the trans­port, postal and ware­hous­ing in­dus­try grew to 92.5 bil­lion yuan, up 13.1 per­cent, faster than the growth rate of the ter­tiary in­dus­try by 6 per­cent­age points. Although smaller in scale, the pub­lic service in­dus­try had a faster growth rate, of which the added value for wa­ter con­ser­vancy, en­vi­ron­ment, and pub­lic fa­cil­ity man­age­ment increased by 12.2 per­cent, and ed­u­ca­tion grew by 8.6 per­cent.

Sta­ble Growth for In­vest­ment in Fixed As­sets

Dur­ing the first three quar­ters, Bei­jing's to­tal in­vest­ment in fixed as­sets was 609.37 bil­lion yuan, a year-on-year in­crease of 5 per­cent. In­vest­ments in in­fra­struc­ture, such as trans­porta­tion, en­ergy, wa­ter, greening and other projects amounted to 196 bil­lion yuan, up 26.9 per­cent; and the in­vest­ment in real es­tate devel­op­ment was 264.48 bil­lion yuan, down 6.8 per­cent.

Look­ing at the in­dus­tries separately, the pri­mary in­dus­try com­pleted in­vest­ments of 6.53 bil­lion yuan, up 13.3 per­cent; the sec­ondary in­dus­try com­pleted an in­vest­ment of 56.28 bil­lion yuan, up 15 per­cent; and the ter­tiary in­dus­try (in­clud­ing real es­tate devel­op­ment) com­pleted in­vest­ments of 546.55 bil­lion yuan, up 3.9 per­cent. Of them, in­vest­ments in the rental and busi­ness service in­dus­try and in­for­ma­tion trans­mis­sion, soft­ware, and high­tech service in­dus­try increased by 91.4 per­cent and 50.1 per­cent re­spec­tively.

Dur­ing this pe­riod, the con­struc­tion area of the mu­nic­i­pal­ity's com­mer­cial hous­ing to­talled 114.901 mil­lion square me­tres, down 8 per­cent from the pre­vi­ous year. Among them, 48.983 mil­lion square me­tres was for res­i­den­tial hous­ing, down 13.5 per­cent. The to­tal sales area of com­mer­cial hous­ing was 5.648 mil­lion square me­tres, down 49.2 per­cent, for which the sales area of res­i­den­tial hous­ing ac­counted for 3.707 mil­lion square me­tres, down 42.9 per­cent.

Steady progress was also made in gov­ern­ment-sub­sidised hous­ing. The con­struc­tion area was 37.924 mil­lion square me­tres, up 2 per­cent year on year and ac­count­ing for 33 per­cent of the to­tal area of city's newly-con­structed com­mer­cial hous­ing. The sales ar­eas was 1.269 mil­lion square me­tres, up 19.2 per­cent and ac­count­ing for 22.5 per­cent of the to­tal sales area of the city's newly-built com­mer­cial hous­ing.

Faster Growth in Mar­ket Con­sump­tion

Dur­ing 2017's first three quar­ters, the mu­nic­i­pal­ity's to­tal mar­ket con­sump­tion amount was 1.71506 tril­lion yuan, up 8.6 per­cent year-on-year. Of them, the service con­sump­tion amount was 897.57 bil­lion yuan, up 11.7 per­cent. It ac­counted for 52.3 per­cent of the to­tal con­sump­tion amount and con­trib­uted to 69.6 per­cent of the con­sump­tion.

The to­tal re­tail sales of so­cial con­sumer goods were 817.49 bil­lion yuan, up 5.4 per­cent. Among them, the above-norm re­tail and whole­sale en­ter­prises gen­er­ated a to­tal re­tail sales of 150.48 bil­lion yuan through on­line sales, up 11.7 per­cent. Based on con­sump­tion pat­terns, re­tail sales of com­modi­ties gained 739.64 bil­lion yuan, up 5.1 per­cent; the in­come of the cater­ing in­dus­try was 77.85 bil­lion yuan, up 7.8 per­cent. Based on cat­e­gories, the re­tail sales for new en­ergy ve­hi­cles, house­hold ap­pli­ances and au­dio­vi­sual equip­ment, and cul­tural and of­fice sup­plies increased by 38.5 per­cent, 19.4 per­cent and 15.8 per­cent, re­spec­tively.

Mild Trend in Con­sump­tion Prices

Dur­ing the first three quar­ters of 2017, the mu­nic­i­pal­ity's con­sumer prices increased by 1.9 per­cent year on year. The prices for con­sumer goods main­tained the same and those for ser­vices rose by 4.7 per­cent.

Con­sump­tion for seven of the eight main cat­e­gories of com­modi­ties rose. Among them, prices for health care, hous­ing, other sup­plies and ser­vices, and cul­ture and en­ter­tain­ment rose by 7.4 per­cent, 3.8 per­cent, 2.9 per­cent and 2.4 per­cent. Prices for daily sup­plies and ser­vicere­lated items, trans­port and com­mu­ni­ca­tions, and food, liquor and to­bacco rose by 0.5 per­cent, 0.4 per­cent and 0.4 per­cent. How­ever, the con­sump­tion of cloth­ing de­creased by 2.2 per­cent. In Septem­ber, the mu­nic­i­pal­ity's gen­eral con­sumer price rose 1.6 per­cent year-on-year, an in­crease of 0.2 per­cent from the pre­vi­ous month.

The mu­nic­i­pal­ity's in­dus­trial pro­ducer price and pur­chas­ing price saw a year- onyear growth of 0.9 per­cent and 5 per­cent. In Septem­ber, the year- on-year growth of the in­dus­trial pro­ducer price and pur­chas­ing price were 0.3 per­cent and 3.4 per­cent, main­tain­ing the same and up 0.1 per­cent month on month re­spec­tively.

Faster Growth for Res­i­den­tial In­come

Dur­ing the first three quar­ters of 2017, the mu­nic­i­pal­ity's av­er­age per-capita dis­pos­able in­come was 42,641 yuan, a year-on-year in­crease of 9.2 per­cent; how­ever, the ac­tual growth was 7.2 per­cent af­ter de­duct­ing price fac­tors, 0.1 per­cent­age points higher than the same pe­riod of the pre­vi­ous year. Based on lo­ca­tion of res­i­dence, the av­er­age per capita dis­pos­able in­come of ur­ban res­i­dents was 46,296 yuan, up 9.1 per­cent, and the dis­pos­able in­come of ru­ral res­i­dents was 19,347 yuan, up 8.4 per­cent; yet, the ac­tual growth was 7.1 per­cent and 6.4 per­cent af­ter de­duct­ing price fac­tors.

Bei­jing's eco­nomic per­for­mance has re­mained sta­ble, its eco­nomic struc­ture con­tin­u­ing to op­ti­mise, with qual­ity and ef­fi­ciency of eco­nomic growth fur­ther im­proved. In the fu­ture, Bei­jing will con­tinue to deepen sup­ply- side struc­tural re­form and pro­mote sus­tain­able and sound eco­nomic devel­op­ment.

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