In Q1, faced with multiple tests including both the complex and severe external environment and resurgence of COVID-19 at home, under the strong leadership of the Municipal Party Committee and the Municipal Government, the whole city, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, coordinated scientifically in the COVID-19 prevention and control, the hosting of the Beijing 2022 Olympic and Paralympic Winter Games, and the economic and social development. The momentum of steady recovery has been seen in the overall economy, and Beijing’s economy has seen a steady start.

According to the unified calculation results on GDP, Beijing’s GDP in Q1 totaled RMB 941.34 billion, up by 4.8% year on year based on constant price, being 0.1 percentage points higher than the two-year average growth rate of 2020 and 2021. By industries, the value added of the Primary Industry was RMB 1.42 billion, up by 6.7%; the value added of the Secondary Industry was RMB 131.86 billion, up by 6.2%; the value added of the Tertiary Industry was RMB 808.07 billion, up by 4.5%.

I. The momentum of growth was seen in agriculture production, leisure agriculture and rural tourism continued to recover

In Q1, the realized gross output value of agriculture, forestry, animal production and hunting, fishing in Beijing reached RMB 3.67 billion, up by 5.8% year on year based on comparable price with the output value of agriculture and forestry growing rapidly. The realized output value of agriculture (planting industry) reached RMB 1.38 billion, up by 13.0%, the production of vegetables and edible mushrooms hit 161,000 tons, up by 23.0%; the realized output value of forestry reached RMB 1.08 billion, up by 8.4%, with the afforestation project being pushed forward steadily; the realized output value of animal production and hunting reached RMB 1.1 billion, up by 3.6%, the number of slaughtered pigs and the pig stock was 119,000 and 416,000, increasing by 81.4% and 52.2% respectively. The number of tourists received in leisure agriculture and rural tourism registered 3.216 million person-times, increasing by 23.0% year on year, and the realized income totaled RMB 630 million, up by 24.7%, returning to the level before the COVID-19 first emerged.

II. Industrial production grew rapidly, high-end industries played a leading role

In Q1, the value added of industrial enterprises above designated size in Beijing rose by 7.2% year on year based on comparable price. In key sectors, the value added of the sector of computer, communication equipment and other electronic equipment manufacturing increased by 19.7%; that of pharmaceutical manufacturing industry increased by 15.0%; that of the sector of electric and heat power production and supply increased by 3.0%; and that of auto industry decreased by 1.2%. High-end industries led industrial development, the value added of hi-tech manufacturing and strategic emerging industries respectively increased by 16.8% and 14.6%, being respectively 9.6 percentage points and 7.4 percentage points higher than that of the industrial enterprises above designated size.

III. The service sector remained stable, with high contributions from producer services

In Q1, the value added of the Tertiary Industry in Beijing increased by 4.5% year on year on constant price. Specifically, the finance sector realized value added of RMB 189.69 billion, increasing by 4.8%; the sector of information transmission, software and information technology services realized value added of RMB 186.49 billion, increasing by 8.4%; the wholesale and retail trade realized value added of RMB 65.71 billion, increasing by 4.2%; the three sectors contributed more than 70% in total to the growth of the Tertiary Industry.

IV. Investment in fixed assets presented good momentum of growth, investment in hi-tech industry and social fields grew rapidly

In Q1, the total investment in fixed assets of Beijing (excluding peasant households) increased by 10.3% year on year. By investment fields, the investment in infrastructures grew by 8.2%; the investment in real estate development grew by 8.9%; while private investment grew by 20.2%. By industries, the investment in the Primary Industry grew by 1.3%; the investment in the Secondary Industry grew by 43.0%; the investment in the Tertiary Industry grew by 7.5%. By sectors, the investment in manufacturing sector grew by 38.1%; of which, the investment in hi-tech manufacturing sector grew by 43.7%; the investment in information transmission, software and information technology services grew by 68.5%; the investment in accommodation and restaurants grew by 24.2%; in social fields, the investment in education grew by 82.9%, and the investment health care and social work grew by 56.7%.

In Q1, the area of constructed commercial housing of Beijing reached 117.712 million square meters, decreasing by 6.2% year on year; of which, the area of constructed residential buildings amounted to 57.786 million square meters, decreasing by 4.8%. The area of sold commercial housing amounted to 1.926 million square meters, decreasing by 11.0% year on year; of which, the area of sold residential buildings amounted to 1.376 million square meters, decreasing by 25.0%.

V. Market consumption continued to recover, online retail grew rapidly

In Q1, the total market consumption in Beijing grew by 2.8% year on year. Specifically, service consumption grew by 4.7%; total retail sales of consumer goods summed up to RMB 358.39 billion, up by 0.7%. By commodity category, among the wholesale and retail enterprises above designated size, the retail sales of articles for daily use, beverages, tobacco and liquor relating to modest living consumption grew by 20.1%, 19.9% and 18.9% respectively; and the retail sales of gold, silver and jewelry, household appliances and audiovisual products, and cosmetics relating to upgraded consumption grew by 21.0%, 15.3% and 5.9% respectively. The online retail sales of wholesale and retail enterprises and accommodation and restaurants enterprises above designated size reached RMB 123.01 billion, up by 8.0% year on year.

VI. The Consumer Price Index (CPI) rose moderately, the rise in the Producer Price Index (PPI) expanded

In Q1, Beijing’s CPI increased by 1.4% year on year. In specific, the price of consumer goods rose by 1.2% and that of services went up by 1.7%. In 8 categories of commodities and service items, “the prices of 6 categories increased while the prices of the other 2 categories dropped”: the price grew by 6.0% for transportation & communication, 1.9% for education, culture & entertainment, 1.3% for housing, 1.1% for other supplies & services, 0.9% for closing, and 0.7% for healthcare; the price fell by 0.1% for food, tobacco & alcohol, and 0.5% for household goods & services. In March, CPI increased by 1.8% year on year, with the growth rate being 0.6 percentage points lower than that of the preceding month and grew by 0.3% month on month.

In Q1, Beijing’s PPI rose by 3.1% year on year and Industrial Production Index (IPI) was up by 8.4% year on year. In March, PPI rose by 3.2% year on year and 0.5% month on month; IPI rose by 8.0% year on year and 0.5% month on month.

VII. Resident income presented a progressive rising trend, household consumption recovery was under way

In Q1, the per capita disposable income of residents in Beijing was RMB 20,630, up by 5.3% year on year. In specific, wage income increased by 6.6%, operating net income increased by 0.4%, property net income increased by 0.6%, and transfer net income increased by 5.2%. The per capita disposable income of urban residents was RMB 22,274, up by 5.1% year on year.

In Q1, the per capita consumption expenditure of residents in Beijing hit RMB 11,332, up by 3.0% year on year. In specific, the consumption expenditure on housing, transportation & communication, healthcare, and other supplies & services maintained positive growth.

On the whole, the economy in Beijing has been running smoothly in Q1, the people’s living needs have been well guaranteed, and the quality of development has been continuously improved. However, it is also worth noting that the international environment is becoming increasingly capricious and severe, while the domestic economy faces multiple risks and challenges, with many unstable and uncertain factors. Moving forward, we will continue to uphold Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, keeping stability as the top priority while pursuing progress; we will ensure stability in economic growth, ensure security in basic living needs, and ensure stability in expectations while making great efforts to carry out routine COVID-19 control; we will keep the economic performance within a reasonable range, and continuously promote high-quality development of Beijing’s economy.