Beijing’s economy grows 5.4% in H1 ’24

Beijing’s economy grew steadily in the first half of 2024, with its GDP reaching nearly 2.18 trillion yuan ($305.55 billion), a 5.4 per cent increase from the previous year, as reported by the city’s statistics authorities.

The primary industry saw a slight decline of 0.1 per cent, with an added value of 4.11 billion yuan. The secondary industry experienced moderate growth of 5.7 per cent, reaching an added value of 303.82 billion yuan. The tertiary industry surged by 5.4 per cent with an added value exceeding 1.87 trillion yuan.

The report highlights the strong performance of Beijing’s emerging sectors:

• Strategic emerging industries above a designated size saw a significant rise of 12.9 per cent in added value.
• Production of key products like new energy vehicles grew by an impressive 3.5 times, while wind turbines increased by 66.1 per cent, integrated circuits by 13.2 per cent, and industrial robots by 12.4 per cent.

The robust growth in the tertiary sector is driven by several key areas:

• The information transmission, software, and information technology services industry witnessed rapid expansion, with an added value reaching 494.46 billion yuan (up 12.4 per cent).
• The financial industry also displayed healthy growth, with an added value of 438.03 billion yuan (up 5.8 per cent).
• The city’s transportation, warehousing, and postal services industry reported a significant increase of 10.4 per cent, reaching an added value of **58.38 billion yuan.

Attribution: Xinhua