Service industry contributes 81.7% of Beijing’s GDP in 1st quarter

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Service industry contributes 81.7 percent of Beijing’s GDP and 77.7 percent of the capital city’s economic growth in first quarter.

The tertiary industry had an added value of 493.22 billion yuan (US$71.66 billion) in the first three months of this year, increasing 6.6 percent from a year earlier, 1.6 percentage points lower than that in the same period of last year.

All the 14 industrial divisions of the tertiary industry registered year-on-year growth, and nine of them reached an above-average growth of added value. The added value of information transmission, software and information service industry, scientific research and technical services and finance grew by 7.6 percent, 8.6 percent and 7.5 percent respectively. Though slower than the previous year, these three industries make up 46.9 percent of service industry and contribute 57.1 percent to the growth of the overall tertiary industry.

Meanwhile, traditional service industry steps up its transformation and upgrading. In the first two months of this year, 55.3 percent of enterprises above designated size (main business income reaching 20 million yuan annually) in the wholesale and retail industry made profits, along with 58.4 percent of hotels and catering service and 44.9 percent of transport, storage and postal service industry, increasing 2.4 percentage points, 9.8 percentage points and 6.5 percentage points respectively from a year ago.

At the same time, cultural creative industry, strategic emerging industry and high-tech service industry are playing an increasingly important role in leading and supporting the tertiary industry. The added value of cultural creative industry rose year by year, increasing from 13.1 percent in 2014 to 14.6 percent in the first quarter of this year. In January and February, enterprises above designated size in strategic emerging industry and high-tech service industry realized a revenue growth of 11.2 percent and 9.8 percent, up by 3.6 percentage points and 4.7 percentage points from 2016 respectively, both higher than the average revenue growth of service industry in Beijing.

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