Beijing's GDP records double-digit growth in first three quarters of 2021

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Beijing's GDP in the first three quarters of 2021 reached nearly 2.98 trillion yuan (US$466.37 billion), up 10.7% year on year, according to a press conference held by the Information Office of Beijing Municipal People's Government. The average growth for the period over the last two years was 5.3%. 

Zhu Yannan, deputy director and spokesperson of the Beijing Municipal Bureau Statistics, said Beijing's economic structure has been improved, with high-tech and cutting-edge industries growing with good momentum, and new-type infrastructures and consumption showing signs of high activity. 

In the first three quarters, the added-value of the city's high-tech industries and emerging industries of strategic importance increased by 21.1% and 19.1%, respectively. The output of high-tech products, such as industrial robots, smartphones, and integrated circuits, grew by 67.1%, 24.7%, and 27.8%, respectively. 

The average growth for the period between January and August of the last two years of enterprises above the designated size in key sectors for opening up the service industry was 11.1%, 3.2 percentage points higher than that of the enterprises above the designated size in the service industry. 

Industrial and services enterprises above the designated size in Beijing Pilot Free Trade Zone increased their annual profits by 13.4% on average in the past two years, 4.7 percentage points higher than profit growth of the city's total industrial and services enterprises above the designated size. 

Market entities have strengthened their innovative power, as the city speeds up the process of becoming an international sci-tech and innovation center. From January to August, R&D spending by Beijing's medium- and large-sized key enterprises stood at 202.47 billion yuan, up by 27.7% year on year. High-tech enterprises above the designated size in Zhongguancun National Demonstration Zone raked in 996.68 billion yuan in profit from tech products and services, accounting for 19.1% of their total revenue. 

According to the Survey Office of the National Bureau of Statistics in Beijing, per capita consumer spending in Beijing was 32,000 yuan in the first three quarters, up by 13.7% year on year. Spurred by pro-consumption policies, Beijing residents on average spent 56.3% of their income during the period, up 2.3 percentage points year on year. 

In the first three quarters, per capita spending on services by Beijing residents grew to 18,294 yuan, up by 17.7% year on year. The amount made up 57.6% of total per capita spending. 

During the same period, per capita disposable income increased by 9.1% (8.2% in real terms) year on year to 56,498 yuan. Specifically, salary income grew by 10.8% year on year, accounting for 71.4% for the increase of disposable income. 

CPI maintained a modest growth, increasing by 0.8% year on year in the first three quarters. During the same period, the pork price and price for fresh vegetables decreased by 28.6% and 0.5% year on year, respectively. 

The survey office anticipates the CPI to maintain a modest growth for the rest of 2021.

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