Investment in Beijing’s high-tech service industry has seen a significant increase of over 60%, according to data released by the Municipal Bureau of Statistics and the Beijing Survey Team of the National Bureau of Statistics. The city’s economy continues to recover, with the added value of industrial enterprises above designated size experiencing a year-on-year increase of 3.2% from January to August, excluding the impact of COVID-19 vaccine production.
BAIC Group, a leading automotive company, showcased four new products at the 2023 China International Fair for Trade in Services, highlighting the latest innovations in the city’s new energy vehicle industry. BAIC Group delivered over 140,000 new cars in the first eight months of the year, recording a month-on-month increase of 22.17% and a year-on-year increase of 6.65%.
Among the 37 major industrial industries in Beijing, the added value of 22 industries increased compared to the same period last year. The automobile manufacturing industry experienced a growth of 10.6%, while the electricity and heat production and supply industry increased by 7.8%. However, the computer, communications, and other electronic equipment manufacturing industry saw a decrease of 5.5%, and the pharmaceutical manufacturing industry fell by 29.5%.
Fixed asset investment in the city increased by 5.6% year-on-year, with investment in high-tech services rising by 64.5%. This growth was primarily driven by information services and scientific and technological achievement transformation services. As the economy and society return to normal operations, the service industry, previously suppressed due to the pandemic, has shown signs of recovery. From January to August, service consumption increased by 13.3%, and total retail sales of consumer goods reached 918.71 billion yuan, marking an increase of 3.3%.
In the wholesale and retail industry, the sales of gold, silver, and jewelry products increased by 26.5%, while cosmetics and sports and entertainment products saw a rise of 16.2% and 18.2% respectively. Retail sales of automobile products also increased by 14.5%, with new energy vehicles experiencing a significant boost of 58.6%.
Consumer prices in the city rose moderately by 0.6% from January to August. Food prices increased by 0.9%, while non-food prices increased by 0.6%. Service prices saw a higher increase of 1.1%. In August alone, consumer prices rose by 0.3% year-on-year, indicating a steady increase in overall inflation.
Overall, Beijing’s economy has shown positive signs of recovery and growth, with the high-tech service industry leading the way in attracting investment and contributing to the city’s economic development.