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Beijing's GDP sees 6.7% growth thanks to tech industries

By Liang Shuang | | Updated: 2017-01-22 20:25

Beijing's GDP in 2016 reached 2.49 trillion yuan ($ 362.3 billion), with a 6.7 percent increase from 2015, according to Pang Jiangqian, deputy director of Beijing Municipal Bureau of Statistics.

The "new economy sector", which contains 16 key innovative industries such as new-energy vehicles and creative industries, contributed 32.7 percent in the whole economy with an annual increase of 10.1 percent. The new-energy vehicle industry doubled its size in 2016, and SUV manufacturing achieved a 73 percent growth.

"High-tech zones, such as Zhongguancun, are becoming a force that drives the economy to grow," said Pang. "More enterprises are joining the team of innovation, putting more into researching, and the payout is also growing."

Many other companies have also joined the tide brought by internet business models, including so-called time-honored brands in Beijing. According to Pang, these brands locked an online retail growth of 43.7 percent, "bringing new livelihood to those old brands."

Meanwhile, the per capita disposable income of Beijing residents reached 52,530 yuan ($ 7,640) or a 6.9 percent growth after deduction of price factors. According to Wu Chunxian, deputy captain of the Beijing office of the National Statistics Bureau, the income of the bottom 20 percent of residents has grown 10.1 percent, 1.7 percentage points faster than the average. The CPI went through a "mild" increase of 1.4 percent in 2016.

Earlier in January, Beijing set its growth target at 6.5 percent in 2017, according to Cai Qi, the newly-elected mayor.

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