Beijing's economy shows steady growth in Jan-Oct period

In the first 10 months of this year, Beijing's consumer spending grew by 1.3% year on year, 0.8 percentage point higher than the number of the first nine months, with service consumption increasing by 4.7%.

These are part of the data released by the Beijing Municipal Bureau of Statistics and the Survey Office of the National Bureau of Statistics in Beijing, demonstrating the capital's steady and positive economic momentum during this period.

In the first 10 months, the added value of Beijing's industrial enterprises above designated size increased by 6.9% year on year, 0.4 percentage point higher than that of the first nine months. Among key industries, the manufacturing of computers, communication and other electronic equipment grew by 24.1%, automobile manufacturing by 15.9%, and electricity and heat production and supply by 4.7%.

During the same period, fixed asset investment across the city (excluding rural households) increased by 7.8% year on year. While investment in equipment purchases — which reflects enterprises' efforts to expand production capacity — grew by 73.7%, accounting for 30.2% of the city's total fixed asset investment and up 11.4 percentage points year on year.

In terms of price level, Beijing's consumer price index in the first 10 months fell by 0.3% year-on-year, with the decline narrowing by 0.1 percentage points compared with the first nine months. Meanwhile, the city's producer price index for industrial products dropped by 1.7% year on year, also with the decline narrowing by 0.1 percentage point from the first nine months.

In October, the value added of Beijing's industrial enterprises above designated size increased by 10.4% year on year, up 1.3 percentage points from the previous month. New energy vehicle manufacturing and the electricity sector served as the main drivers of growth, according to the statistics authority.

Driven by policies promoting trade-in of old consumer goods, holiday promotions, and strong sales of new products in certain sectors, the city's total retail sales of consumer goods reached 144.54 billion yuan ($20.24 billion) in October, up 12.6% year on year.