In the first quarter, the city's economy got off to a good start. On April 18, the Information Office of the Municipal Government held a press conference on Beijing's economic operation in the first quarter of 2024. According to the results of the unified accounting of the gross domestic product, the city's GDP reached 1,058.14 billion yuan, a year-on-year increase of 6% at constant prices, 0.8 percentage points higher than the annual growth rate in 2023.
Zhu Yannan, deputy director and spokesman of the Municipal Bureau of Statistics, said that in the first quarter, the city's economy maintained a positive momentum of recovery, and the quality of development continued to improve. In the next stage, it is necessary to further enhance the effectiveness of policies, improve social expectations, enhance economic vitality, and make every effort to consolidate the foundation for economic recovery.
Three "enhancements" highlight the economic bright spots
"Judging from the economic operation of Beijing in the first quarter, there are three characteristics that are more prominent, which can be summarized by 'three enhancements'. Zhu Yannan introduced, one is the momentum of the rebound, mainly manifested in the production and demand areas further improved, the second is the vitality of the rebound, in which policy measures play an important role, the third is the momentum of the rebound, mainly manifested in the accelerated development of emerging areas.
The data shows that in the field of production, agricultural production has progressed steadily, and the total output value of agriculture, forestry, animal husbandry and fishery has increased by 3%, 0.9 percentage points higher than the same period in 2023, of which the output of melons, fruits, poultry and eggs has achieved double-digit growth. The added value of industrial enterprises above designated size increased by 7.5 percent, 7.1 percentage points higher than that of the whole year of 2023, and 21 of the 37 major industries achieved growth, of which the computer, communication and other electronic equipment manufacturing, automobile manufacturing, and electric power and heat production and supply industries played a leading role, with a growth rate of more than 1 percent.
The service industry was generally stable, with an increase of 5.8% in added value, of which the information transmission, software and information technology services and the financial industry played a supporting role, contributing nearly 8% to the growth of the service industry.
Investment plays a key role in demand areas. Zhu Yannan introduced that in the first quarter, the city's fixed asset investment increased by 13.6% year-on-year, and the growth rate was 8.7 percentage points higher than that of the whole year of 2023. In particular, investment in construction and installation projects, which reflects the physical workload, and investment in equipment purchases, which reflect the expansion of production capacity of enterprises, achieved double-digit growth.
"This year, everyone can feel that the demand for cultural tourism consumption is very strong, and holiday consumption is very hot, driving service consumption to achieve double-digit growth. Zhu Yannan introduced that the total consumption of the market in the first quarter increased by 5.8% year-on-year, and the growth rate was 3 percentage points higher than that of the same period in 2023. Among the total retail sales of consumer goods, the retail sales of gold, silver and jewelry, sports and entertainment goods, and communication equipment increased well, and new energy vehicles increased by 18.9%.
Emerging fields are accumulating development momentum
Beijing is very rich in innovation resources, and the driving force of innovation has been continuously enhanced in recent years, and the city's R&D investment intensity has remained above 6% since 2019. According to statistics, from January to February 2024, the R&D expenses of large and medium-sized key enterprises in the city increased by 6.2%, an increase of two percentage points over the whole year of 2023. Driven by new energy vehicles, integrated circuits, pharmaceutical research and development and other fields, the growth rate of industrial and scientific and technological services has remained above 10%.
Zhu Yannan introduced that in the process of promoting the construction of an international science and technology innovation center in Beijing, the main platform of "three cities and one district" has played an active role. According to the data, the R&D expenditure of large and medium-sized key enterprises in the "three cities and one district" increased by 7.1%; The R&D expenditure of enterprises in the "three cities and one district" accounts for more than 7% of the R&D expenditure of large and medium-sized key enterprises in the city.
With the acceleration of the cultivation of emerging industries, the added value of the city's digital economy increased by 8.7% year-on-year in the first quarter, of which the core industries increased by 12.2%. Investment in high-tech industries remained active, with a growth rate of 33.7 percent, and projects in the fields of integrated circuits, biomedicine, and information services were accelerated. It is worth noting that the added value of strategic emerging industries above designated size increased by 12%, contributing more than 6% to the city's industrial growth, and the year-on-year growth rate of new energy vehicles, smart TVs and industrial robots was more than 1 times.
"To develop new quality productive forces, innovation plays a leading role, and industrial innovation should be driven by scientific and technological innovation. Zhu Yannan said that Beijing has a relatively good foundation and conditions for the development of new quality productivity, and needs to be based on the strategic positioning of the capital city, give full play to the advantages of the capital, and lead the construction of a modern industrial system through scientific and technological innovation, on the one hand, consolidate the economic recovery trend, and also promote high-quality economic development.
Employment is stable, and residents' income is growing
Employment is an important indicator of economic development. According to statistics, in the first quarter of 2024, the average surveyed unemployment rate in the city's urban areas was 4.2%, 0.4 percentage points lower than that in the same period in 2023, and the employment situation was basically stable.
Bian Jing, deputy head and spokesman of the Beijing Survey Corps of the National Bureau of Statistics, analyzed that the economy continued to recover in the first quarter, which formed an effective support for the smooth operation of the job market. At the same time, in 2024, the city will successively hold a series of innovative activities such as the "Spring Breeze Action", "Spring Warm Migrant Workers" and the Employment Service Month for Graduates, and also launch measures such as the Beijing-Tianjin-Hebei Regional Alliance to provide more employment opportunities and alleviate the pressure on newly employed people to find jobs to a certain extent.
On the basis of stable employment, the per capita disposable income of residents maintained steady growth, and in particular, wage income continued to play the role of the main engine of growth, driving the growth of residents' income by 4.2 percentage points. According to the data, in the first quarter, the per capita disposable income of residents in the city was 22,481 yuan, a nominal increase of 5.2% year-on-year, and a real increase of 5% after deducting price factors. Among them, wage income increased by 6.5%, net operating income increased by 0.4%, net property income increased by 2.5%, and net transfer income increased by 3.3%. (Chen Xuening)
Expert interpretation
Advantageous industries have driven the capital's economy to a steady start
"Beijing's development in the first quarter was good, and it got off to a good start. After the release of the economic operation in the first quarter, Li Guoping, dean of the Capital Development Research Institute of Peking University and professor of the School of Government, analyzed and interpreted it for the first time.
Li Guoping paid special attention to the development of the secondary industry. "Under the premise of continuous efforts of macro policies and gradual improvement of the internal and external development environment, the growth rate of industry has undergone significant changes compared with the previous two years, an increase of 7.1 percentage points over the whole year of 2023. Li Guoping analyzed that the growth of Beijing's secondary industry mainly relies on the support and pull of key industries, and the development of strategic emerging industries and some emerging industries facing the future is in line with the needs of Beijing's economic development. "The improvement of Beijing's industrial growth rate is mainly innovation-driven, and the overall steady growth driven by advantageous industries. ”
"In terms of consumption, big cities have certain advantages, such as tourism consumption during the holidays. Li Guoping said that from the statistical point of view, Beijing's service consumption performed well in the first quarter, and the total retail sales of consumer goods have exceeded the level of the same period before the epidemic, and the consumer market is continuing to recover.
"Beijing's economic growth rate in the first quarter was faster than the national average, which is in line with expectations, and it will continue to be steady and steady in the next three quarters to maintain this good momentum. Li Guoping suggested that Beijing should continue to give full play to its innovation advantages, vigorously support basic research, and strengthen the radiation and driving role of innovation resources in Tianjin and Hebei, form an orderly division of labor, regional linkage of the innovation chain division of labor and integrated development pattern, and continue to promote the coordinated development of Beijing, Tianjin and Hebei. (Chen Xuening)
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