Since the beginning of this year, faced with the severe test of covid-19 as well as the complex and volatile environment both at home and abroad, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the whole city has been coordinating well in making progress on all fronts to carry out various measures to curb the epidemic and promote economic and social development. The city has been conscientiously fulfilling the tasks of ensuring stability on the six fronts (namely employment, financial operations, foreign trade, foreign investment, domestic investment and expectations) and security in the six areas (namely job, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains and the normal functioning of primary-level governments). The good momentum of economic recovery has been further consolidated and the economic growth has shifted from negative to positive in the first three quarters.

According to the unified calculation results on GDP, Beijing’s GDP from Q1 to Q3 totaled RMB 2575.95 billion, up by 0.1% year on year based on comparable price. By industries, the value added of the Primary Industry was RMB 7.25 billion, down by 11.0%; the value added of the Secondary Industry was RMB 391.72 billion, remaining the same compared with that for the same period last year; the value added of the Tertiary Industry was RMB 2176.98 billion, up by 0.1%.

1. Industrial production basically resumed and high-end industries continued to catch up

From Q1 to Q3, the value added of industrial enterprises above designated size in Beijing decreased by 0.1% year on year on comparable price, with the decline rate being 3.6 percentage points lower than that in the first half of this year; of which, the value added of industrial enterprises above designated size in Beijing increased by 6.7% in Q3. In key sectors, the value added of the sector of computer, communication equipment and other electronic equipment manufacturing increased by 16.9%, with the growth rate being 1.7 percentage points higher than that in the first half of this year; that of the sector of electric and heat power production and supply increased by 5.3%, with the growth rate being 2.5 percentage points higher; that of auto industry was turned from showing a decrease by 3.2% in the first half of this year into showing an increase by 2.5%; and that of pharmaceutical manufacturing industry decreased by 2.3%, with the decline rate being 2.1 percentage points lower than that in the first half of this year. The high-end industries continued to catch up. The value added of hi-tech manufacturing increased by 5.3%, with the growth rate being 2.1 percentage points higher than that in the first half of this year; and that of strategic emerging industries was turned from showing a decline by 1.1% in the first half of this year into showing a rise by 4.7%.

2. The service sector recovered steadily and the information and finance sectors played a supporting role

From Q1 to Q3, the value added of the Tertiary Industry in Beijing was turned from showing a decline by 3.0% year on year in the first half of this year into showing a rise by 0.1% year on year on comparable price. Specifically, the sector of information transmission, software and information technology services realized value added of RMB 397.01 billion, increasing by 12.9%, with the growth rate being 4.6 percentage points higher than that in the first half of this year; the finance sector realized value added of RMB 524.45 billion, increasing by 7.0%, with the growth rate being 1.3 percentage points higher. The two sectors, accounting for 35.8% of the GDP, played an important supporting role. The value added of the sector of scientific research and development, technical services was turned from showing a decline into showing a rise, with realized value added of RMB 214.59 billion, increasing by 0.1%. The circulation field continued to recover. Specifically, the wholesale and retail industry realized value added of RMB 188.64 billion, decreasing by 8.7%, with the decline rate being 1.4 percentage points lower than that in the first half of this year; and the sector of transport, storage and post realized value added of RMB 61.53 billion, decreasing by 13.1%, with the decline rate being 0.5 percentage points lower.

3. Investment in fixed assets continued to grow and the investment structure continued to be optimized

From Q1 to Q3, the total investment in fixed assets of Beijing (excluding peasant households) increased by 1.8% year on year, with the growth rate being 3.3 percentage points higher than that in the first half of this year. By investment fields, the investment in real estate development grew by 6.5%, with the growth rate being 2.5 percentage points higher; the investment in infrastructures declined by 19.4%, with the decline rate being 0.7 percentage points lower. By industries, the investment in the Primary Industry declined by 17.1%; the investment in the Secondary Industry grew by 46.0%, of which, the investment in hi-tech manufacturing grew by 1.3 times; the investment in the Tertiary Industry declined by 0.1%, of which, the investment in the sector of hi-tech services grew by 22.3%, and the investment in the sector of education and the sector of health care and the areas related to people’s livelihood grew by 43.4% and 28.2% respectively.

From Q1 to Q3, the area of newly constructed commercial housing of Beijing reached 20.872 million square meters, increasing by 36.8% year on year; of which, the area of newly built residential buildings amounted to 12.026 million square meters, increasing by 55.2%. The area of sold commercial housing amounted to 6.064 million square meters, increasing by 3.7% year on year; of which, the area of sold residential buildings amounted to 4.744 million square meters, declining by 4.2%.

4. Market consumption continued to rebound and the on-line retail presented good momentum of growth

From Q1 to Q3, the total market consumption in Beijing declined by 10.3% year on year, with the decline rate being 2.7 percentage points lower than that in the first half of this year. Specifically, service consumption declined by 7.7%, with the decline rate being 2.3 percentage points lower; total retail sales of consumer goods amounted to RMB 939.01 billion, down by 13.1%, with the decline rate being 3.2 percentage points lower. Among the total retail sales of consumer goods, the commodity retail sales were RMB 882.15 billion, down by 10.8%, with the decline rate being 2.8 percentage points lower; and the income from catering was RMB 56.85 billion, down by 37.7%, with the decline rate being 8.5 percentage points lower. The on-line retail presented good momentum of growth; the on-line retail sales of wholesale and retail enterprises and accommodation and restaurants enterprises above designated size reached RMB 293.31 billion, up by 25.3% year on year. By commodity category, the retail sales of beverage, communication equipment, sports and entertainment goods, the cereal, oil and foodstuffs as well as the household appliances and audio-visual equipment increased by 44.8%, 33.6%, 18.0%, 8.2% and 3.5% respectively.

5. The increase in Consumer Price Index (CPI) continued to fall and the Producer Price Index (PPI) was down year on year

From Q1 to Q3, Beijing’s CPI increased by 2.2% year on year. In specific, the price of consumer goods rose by 2.8% and that of services went up by 1.4%. 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 7.1% for food, tobacco & alcohol, 2.6% for education, culture & entertainment, 7.0% for healthcare, and 8.4% for other supplies & services; the price fell by 0.3% for clothing, 0.9% for housing, 0.1% for household goods & services, and 4.5% for transportation & communication. In September, CPI increased by 1.0% year on year, with the growth rate being 0.1 percentage points slightly higher than that of the previous month, and increased by 0.2% month on month. 

From Q1 to Q3, Beijing’s PPI fell by 0.8% year on year and IPI was down by 1.0% year on year. In September, PPI fell by 1.2% year on year and rose by 0.1% month on month; IPI rose by 0.1% both on a year-on-year basis and month-on-month basis.

6. Employment situation was generally stable and the actual growth of resident income shifted to positive

In Q3, the surveyed urban unemployment rate of Beijing was 4.5%, being 0.3 percentage points lower than that in Q2, maintaining at a stable level. From Q1 to Q3, the per capita disposable income of residents in Beijing was RMB 51,772, up by 2.4% year on year and up by 0.2% in real terms on inflation-adjusted basis, being 0.9 percentage points higher than that in the first half of this year. Among the four income categories, “three increased and one decreased”: wage income increased by 0.8% year on year; transfer net income increased by 10.3% year on year; property net income increased by 2.9% year on year; and operating net income decreased by 33.3% year on year.

On the whole, Beijing has made concerted efforts to overcome the adverse impact of covid-19 from Q1 to Q3; a series of policies and measures are showing continuous effects，helping to maintain the recovery trend in Beijing’s economy. Moving forward, we will resolutely put into practice the decisions and arrangements of the CPC Central Committee, the State Council, the Municipal Party Committee, and the Municipal Government. We will follow the requirements of building a new pattern of development and continue to follow the general principle of pursuing progress while ensuring stability. While carrying out regular epidemic prevention and control, we must proceed with confidence and take real action to further consolidate the momentum of steady recovery and growth of economy and to continuously promote high-quality development of Beijing’s economy.