A Stable Economy for 3Q
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.