Beijing's economy shows steady growth in Jan-Feb

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Beijing's economy showed steady growth in the first two months of this year, according to the Beijing Municipal Bureau of Statistics and the Survey Office of the National Bureau of Statistics in Beijing.

Data shows that, in the January-February period, the city's fixed-asset investment saw a year-on-year increase of 6.4%, with a notable uptick in investment made in high-tech sectors. Investment in high-tech manufacturing grew remarkably by 28.5%, which was propelled by computer, communication equipment, and other electronic equipment manufacturing, while investment in high-tech services surged by 40.1%, thanks to support from scientific research and technical services.

Consumer spending on travel, culture, and entertainment regained a momentum between January and February, benefiting from the combined effects of China's Spring Festival holiday and the removal of COVID restrictions. The city's retail sales of consumer goods amounted to 231.49 billion yuan (US$33.6 billion) in the first two months, with restaurant revenues witnessing a 6.5% rise to reach 20.39 billion yuan.

Additionally, retail sales of new energy vehicles in Beijing rose 44%.

The consumer price index (CPI) rose by 1.6% year-on-year in the first two months, according to official statistics.

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