Beijing's economy continues recovery from January to July
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E-mail China.org.cn, August 17, 2023
Beijing's economy continued to recover in the first seven months of 2023, with both the quality and efficiency of development showing consistent improvement, according to the Beijing Municipal Bureau of Statistics on Aug. 16.
From January to July, the value-added of industrial enterprises above designated size decreased by 1.6% year on year. However, excluding the impact of COVID-19 vaccine production, there was a growth of 3.2%. During the same period, the city's total market consumption rose by 9.1% year on year.
In terms of production, 23 out of the 37 major industries reported increased value from January to July, compared to the same period the previous year. Key industries, including electricity and heat production and supply, automobile manufacturing, and the five primary equipment manufacturing sectors, all experienced growth.
On the demand side, the city's fixed asset investment (excluding rural households) grew by 8.6% year on year from January to July. Infrastructure investment climbed by 2.7%, while real estate development investment rose by 4.1%. Notably, high-tech service industry investments surged by 60.3%, spearheaded by the information and technology service sectors.
With the improvement of the consumption environment and the orderly implementation of consumption promotion activities, the city's consumer goods market is recovering steadily. Data indicates that from January to July, total market consumption surged by 9.1% year on year. Service consumption jumped by 13.5%, and total retail sales of social consumer goods grew by 3.6%. Within these retail sales, catering revenue stood at 76.98 billion yuan ($10.5 billion), marking a year-on-year surge of 34.3%, while retail sales of commodities totaled 728.38 billion yuan, a year-on-year increase of 1.1%.
Regarding prices, between January and July, the city's consumer prices increased by 0.7% year on year. Within this, food prices went up by 1.2%, prices for non-food items by 0.6%, consumer goods prices by 0.3%, and service prices by 1%.
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