Beijing's economy sustains recovery in first 8 months

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Beijing's economy continued to recover in the January-August period, with the total consumption volume increasing 8.9% year on year, according to data released by the municipal statistics bureau Monday.

The recovery of the service industry gained steam, with the volume of service consumption increasing 13.3% year on year. The total retail sales of consumer goods reached 918.7 billion yuan, representing a 3.3% year-on-year increase. Specifically, the revenue of the food and beverage industry surged 30.4% year on year to reach 87.82 billion yuan.

Among 37 industrial categories, 22 saw growth in added value during the first eight months. Specifically, the added value of the auto manufacturing industry and the electricity and heating industry expanded 10.6% and 7.8%, respectively.

The city produced a total of 661,000 vehicles in the first eight months, up 10.6% year on year, while the sales of new energy vehicles skyrocketed, increasing 58.6% year on year.

Industrial enterprises achieved a total sales volume of about 1.47 trillion yuan (US$201.5 billion), up 2% year on year. Fixed asset investment increased 5.6% year on year.

The consumer price index saw a mild growth of 0.6% year on year from January to August.

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