Consumption plays larger role in bolstering economy in Beijing

0 Comment(s)Print E-mail, September 27, 2022
Adjust font size:

Consumer spending has played a more important role in stimulating Beijing's economic growth as the scale and quality of consumption continued to improve over the past 10 years.

According to a report published by the municipal statistical bureau Monday, the capital city's total retail sales of consumer goods reached 1.49 trillion yuan (US$207.9 billion) last year, 60% more than in 2012 and registering an annual growth rate of 5.2%. The city's per capita consumer spending has also enjoyed an annual growth rate of 5.7%, increasing from 27,000 yuan from 2012 to 44,000 yuan in 2021.

New business models incorporating online and offline services have led the city's consumption upgrade. According to the report, the online sales of wholesale and retail services, as well as accommodation and catering services above the designated sizes totaled 539.3 billion yuan, 2.2 times that of 2017 and registering an annual growth of 21.7%. 

Traditional brick-and-mortar businesses have remained strong with upgraded business modes and diversified promotional strategies. By the end of 2021, Beijing is home to 84 large commercial complexes, 38 more compared to the end of 2015, with its total retail sales exceeding 100 billion yuan, 2.3 times of 2015. 

The number of stores that support tax refund for international travelers in Beijing grew from 189 in 2015 to 717 in 2021, topping all other cities around the country. In 2021, a total of 901 brands opened up their first stores or flagship stores in Beijing.

To provide more convenient services for the residents within their neighborhoods, the number of community-based business outlets had increased to 91,000 by the end of 2021, averaging 310 grocery stores for every 10,000 residents.

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from