Beijing's economy tapped by new growth drivers

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The value-added output of new types of business in Beijing has grown by 8.1% in the first half of the year, accounting for around one third of the city's GDP, according to figures recently released by the municipal statistics authorities.

New business forms and new growth drivers have given fresh impetus to high-quality development in China's capital city.

Highly sophisticated industries have maintained steady growth. According to statistics, the added value of high-tech manufacturing and emerging industries with strategic importance rose 6% and 5.6%, respectively if calculated at comparable prices, and have contributed to over 40% of the added value of all industries above the designated size.

Driven by the introduction of information and communications technologies (ICTs), the cultural sector is finding new growth drivers in the online arena. Figures show that the cultural and entertainment industry with internet features has seen its revenue grow by 42.8% from January to May, up 24.2% year-on-year, and 14.8 percentage points higher than the growth of the cultural and entertainment industry as a whole.

Moreover, digital technologies are also stimulating consumption. In the first six months of this year, the online retail sales of industries above the designated size grew by 25.1%, accounting for 26.3% of the overall retail sales of consumer goods. In the same period, the online sales revenue of the catering services above the designated size grew by 31.6%, contributing to over half of all the revenues of the sector.

Scientific and innovation activities held at Beijing's Zhongguancun Science Park are also gathering pace. From January to May, the number of patents applied for by Zhongguancun companies accounted for 55.4% of all patent applications in the city.

In the first half of 2019, the total revenue of all companies above the designated size in Zhongguancun reached 2.77 trillion yuan (US$393.4 billion), up by 12.6%. Specifically, their technology revenue registered 477.7 billion yuan, up by 18.9%, accounting for 17.2% of the total revenue and contributing to 24.4% of the total revenue growth.

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