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Steady Economic Recovery Seen in the First Half of 2020

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日期:2020-07-24 10:24    来源:

At the beginning of this year, China was struck by covid-19 unexpectedly and Beijing was no exception. Faced with an increasingly complex internal and external environment, the municipal government carried out various measures to control the covid-19 spreading and promoted economic and social development under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core. After half-year co-efforts, positive results have been achieved in the epidemic control, a trend of gradual recovery has been shown in the main economic fields, the employment and price have been kept generally stable, and the economy of Beijing has continued its momentum of recovery since Q1.


According to the unified calculation results on GDP, Beijing’s GDP registered RMB 1620.56 billion in the first half of this year, decreasing by 3.2% year on year based on comparable price, with the decline rate being 3.4 percentage points lower than that in Q1. By industries, the value added of the Primary Industry was RMB 4.04 billion, down by 20.8%; the value added of the Secondary Industry was RMB 240.48 billion, down by 4.2%; the value added of the Tertiary Industry was RMB 1376.04 billion, down by 3.0%.


1. Industrial production continued to pick up and high-end industries speeded up recovery


In the first half of this year, the value added of industrial enterprises above designated size in Beijing decreased by 3.7% year on year on comparable price, with the decline rate being 11 percentage points lower than that in Q1; of which, the value added of industrial enterprises above designated size in Beijing increased by 7.4% in Q2. In key sectors, the value added of the sector of computer, communication equipment and other electronic equipment manufacturing increased by 15.2%, with the growth rate being 9.3 percentage points higher than that in Q1; that of the sector of electric and heat power production and supply turned from showing a decrease by 1.4% in Q1 into showing an increase by 2.8%; that of auto industry decreased by 3.2%, and that of pharmaceutical manufacturing industry decreased by 4.4%, with the decline rate being 27 percentage points and 0.9 percentage points lower than that in Q1 respectively. The high-end industries speeded up recovery. The value added of hi-tech manufacturing was turned from showing a decline by 4.2% in Q1 into showing a rise by 3.2%; and that of strategic emerging industries declined by 1.1%, with the decline rate being 9.3 percentage points lower than that in Q1.


2. Production in the service sector recovered steadily and advantaged sectors played a supporting role


In the first half of this year, the value added of the Tertiary Industry in Beijing decreased by 3.0% year on year on comparable price, with the decline rate being 1.8 percentage points lower than that in Q1. The sector of information transmission, software and information technology services and the finance sector maintained growth and played an important supporting role in stabilizing the economy of Beijing. Specifically, the sector of information transmission, software and information technology services realized value added of RMB 260.71 billion, increasing by 8.3%, with the growth rate being 4.8 percentage points higher than that in Q1; the finance sector realized value added of RMB 343.35 billion, increasing by 5.7%, with the growth rate being 0.2 percentage points higher than that in Q1. The wholesale and retail industry and the sector of transport, storage and post recovered quickly. Specifically, the wholesale and retail industry realized value added of RMB 116.53 billion, decreasing by 10.1%, with the decline rate being 9.9 percentage points lower than that in Q1; and the sector of transport, storage and post realized value added of RMB 39.48 billion, decreasing by 13.6%, with the decline rate being 10.1 percentage points lower than that in Q1.


3. The decline of investment in fixed assets gradually narrowed, investment in hi-tech industries and in areas related to people’s livelihood grew rapidly


With the increase of newly started projects and the acceleration of construction in progress, the total investment in fixed assets of Beijing (excluding peasant households) decreased by 1.5% year on year in the first half of this year, with the decline rate being 5.6 percentage points lower than that in Q1. By investment fields, the investment in real estate development was turned from decline by 6.4% in Q1 into growth by 4.0%; the investment in infrastructures declined by 20.1%, with the decline rate being 10.5 percentage points lower. By industries, the investment in the Primary Industry declined by 16.1%; the investment in the Secondary Industry grew by 44.0%, of which, the investment in hi-tech manufacturing sector grew by 1.2 times; the investment in the Tertiary Industry declined by 3.6%, of which, the investment in the sector of hi-tech services grew by 24.0%, and the investment in the sector of education and the sector of health care and social work grew by 35.7% and 36.7% respectively.


In the first half of this year, the area of newly constructed commercial housing of Beijing reached 10.659 million square meters, increasing by 9.8% year on year; of which, the area of newly built residential buildings amounted to 6.611 million square meters, increasing by 29.6%. The area of sold commercial housing amounted to 2.963 million square meters, decreasing by 23.6% year on year; of which, the area of sold residential buildings amounted to 2.131 million square meters, declining by 35.4%.


4. Market consumption recovered slowly, the on-line retail continued to heat up


In the first half of this year, the total market consumption in Beijing declined by 13.0% year on year, of which, service consumption declined by 10.0%, total retail sales of consumer goods amounted to RMB 597.33 billion, down by 16.3%, with the decline rate being 5.2 percentage points lower than that in Q1. Among the total retail sales of consumer goods, the commodity retail sales was RMB 565.47 billion, down by 13.6%, with the decline rate being 5.4 percentage points lower; and the income from catering was RMB 31.86 billion, down by 46.2%, with the decline rate being 2.2 percentage points lower. The on-line retail picked up speed for growth; the on-line retail sales of wholesale and retail enterprises and accommodation and restaurants enterprises above designated size reached RMB 189.92 billion, up by 25.8%, with the growth rate being 9.9 percentage points higher than that in Q1. By commodity category, the retail sales of beverage, communication equipment, sports and entertainment goods and the cereal, oil and foodstuffs increased by 42.0%, 36.1%, 25.6% and 14.0% respectively.


5. The increase in Consumer Price Index (CPI) fell month by month and the Producer Price Index (PPI) continued the downward trend


In the first half of this year, Beijing’s CPI increased by 2.8% year on year. In specific, the price of consumer goods rose by 2.9% and that of services went up by 2.7%. In 8 categories of commodities and service items, “the prices of 4 categories increased while the prices of 4 categories dropped”: the price grew by 7.6% for food, tobacco & alcohol, 3.9% for education, culture & entertainment, 11.5% for healthcare, and 8.4% for other supplies & services; the price fell by 0.1% for clothing, 0.6% for housing, 0.2% for household goods & services, and 4.5% for transportation & communication. In June, CPI increased by 1.4% year on year, with the growth rate being 0.5 percentage points lower than that of the previous month, and decreased by 0.1% month on month. 


In the first half of this year, Beijing’s PPI fell by 0.4% year on year and IPI was down by 1.5% year on year. In June, PPI fell by 1.7% year on year and rose by 0.1% month on month; IPI was down by 3.1% year on year and rose by 1.5% month on month.


6. Employment situation was generally stable, the growth of resident income was slowed down


In Q2, the surveyed urban unemployment rate of Beijing was 4.8%; the urban employment-population ratio rebounded gradually to roughly the same level for the same period last year. In the first half of this year, the per capita disposable income of residents in Beijing was RMB 34,573, up by 2.1% year on year and down by 0.7% in real terms on inflation-adjusted basis. Among the four income categories, “two increased, one decreased and one remained the same”: wage income remained the same compared with that for the same period last year; transfer net income increased by 12.2%; property net income increased by 2.5%; and operating net income decreased by 36.7%.


On the whole, Beijing had made great efforts in responding to the risks of covid-19 and promoting economic recovery in the first half of this year. As a result, the overall economy rebounded steadily. However, in view of the global spread of covid-19, we have seen a significant increase in external risks and challenges and will continue to be burdened with economic recovery, leaving us the only way to overcome more hardships. Moving forward, we should resolutely put into practice the decisions and arrangements of the CPC Central Committee, the State Council, the Municipal Party Committee, and the Municipal Government. Keeping in mind our main task of epidemic control and economic and social development, we should further maintain the achievements in our response to covid-19, actively advance the resumption of work and production as well as the resumption of business activities and market so as to promote the steady growth and high-quality development of Beijing’s economy.

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