On October 21, 2023, the Beijing Municipal Bureau of Statistics released data indicating that the city’s Gross Domestic Product (GDP) for the first three quarters of this year reached 33,462 billion yuan, reflecting a year-on-year growth of 5.1% based on constant prices. Analyzing the figures by industry, the primary sector contributed an added value of 7.15 billion yuan, down by 0.4%; the secondary sector achieved an added value of 4,757.9 billion yuan, up by 5.2%; and the tertiary sector reached an added value of 28,632.5 billion yuan, also growing by 5.1%.
In agriculture, production has remained largely stable, with rural tourism experiencing a continued increase. The bureau noted that the total output value of agriculture, forestry, animal husbandry, and fisheries stood at 16.92 billion yuan for the first three quarters, marking a slight decline of 0.3% from the previous year. Specifically, the agricultural output value (planting) was 9.05 billion yuan, down 2.2%, although autumn grain production continued to rise while vegetable production saw a small decrease. The livestock sector, driven by increases in poultry and milk production, recorded an output value of 2.83 billion yuan, up 1.0%. Meanwhile, rural leisure tourism attracted 17.056 million visitors, reflecting a 2.5% increase.
The industrial sector is showing strong growth, with key industries providing substantial support. The bureau reported that the added value of industrial enterprises above a designated size increased by 6.9% year-on-year when calculated at comparable prices. Notably, sectors such as computer, communication, and other electronic manufacturing, as well as automotive manufacturing, grew by 19.5% and 18.4%, respectively. The electricity and heat production and supply sector experienced a 9.0% rise, while pharmaceutical manufacturing saw a growth of 1.6%.
There’s a noteworthy acceleration in the high-end and intelligent transformation of manufacturing. Among industries above a designated size, the added value of strategic emerging industries and high-tech manufacturing industries grew by 14.0% and 8.3%, respectively, with their shares of total added value rising by 3.3 and 1.1 percentage points year-on-year to 41.9% and 32.0%. In specific product sectors, the production of new energy vehicles, industrial robots, and wind turbine generators experienced substantial increases of 5.5 times, 62.8%, and 21.2%, respectively. Additionally, the value of industrial exports reached 1500.3 billion yuan, up 13.8%, with automotive manufacturing and computer manufacturing industries growing by 34.4% and 13.5%.
The service sector maintained a stable performance, bolstered by strong segments. The added value of the tertiary sector grew by 5.1% year-on-year at constant prices, with the information transmission, software, and IT services sector achieving an added value of 7,104.9 billion yuan, up 11.9%. The finance sector contributed 6,719.8 billion yuan, representing a 6.6% increase, while rental and business services added 1,933.9 billion yuan, growing by 5.0%. The transportation, warehousing, and postal sectors saw an added value of 885.2 billion yuan, increasing by 10.0%.
Fixed asset investment has shown swift growth, with ongoing effects from equipment upgrades becoming evident. For the first three quarters, fixed asset investment (excluding rural households) grew by 7.8%. Investment in major equipment upgrades surged by 34.1%, particularly driven by the manufacturing of computers, communications, and other electronic devices, which showcased significant contributions. In terms of categories, infrastructure investment rose by 22.2%, while manufacturing investment saw a dramatic jump of 44.0%. However, real estate development investment declined by 4.5%. Investment across sectors showed growth, with primary industry investment up by 11.3%, secondary industry investment growing by 30.5%, and tertiary industry investment increasing by 5.5%. High-tech industries maintained active investment, with high-tech manufacturing and service sectors rising by 66.7% and 28.9%, respectively.
Consumer markets are gradually recovering, with online retail witnessing rapid growth. The bureau revealed that the total market consumption in Beijing grew by 2.9% year-on-year, with service-related consumption increasing by 7.1%. The total retail sales of consumer goods reached 10,306.3 billion yuan, a decline of 1.6%. Breaking it down by consumption types, commodity retail accounted for 9,353.0 billion yuan, down 1.2%, while catering revenue came in at 953.3 billion yuan, dropping 5.1%. However, specific categories related to upgraded consumption, such as jewelry and sports equipment, saw retail growth of 18.5% and 6.8%, respectively. The policy encouraging the replacement of old consumer goods yielded results, with retail sales of household appliances and audiovisual equipment up by 10.2%, and new energy vehicles seeing a 22.4% increase in sales. Online retail for wholesale and retail enterprises, as well as accommodation and catering services, reached 4,072.9 billion yuan, growing by 4.6%.
