Beijing's 2024 GDP hits $683.8b, up 5.2%

Beijing's GDP reached 4.98 trillion yuan ($683.8 billion) in 2024, showing a 5.2 percent year-on-year increase as the capital has made strides in high-quality economic development, particularly in advanced manufacturing and emerging industries.

According to data released by the Beijing Bureau of Statistics on Tuesday, the value-added of large-scale industries in the city, calculated at comparable prices, grew by 6.7 percent year-on-year in 2024.

Key sectors such as computers, communication and other electronic equipment manufacturing saw a notable annual growth of 21.4 percent, while the automotive manufacturing industry experienced a growth of 16.4 percent year-on-year. The financial sector contributed significantly, with an added value of 815.42 billion yuan, marking a growth of 7.6 percent compared with the previous year.

"Beijing continues to lead in key indicators, including per capita GDP and energy efficiency," said Mayor Yin Yong during the municipal government's annual work report last week.

One of the standout achievements has been the growth of the pharmaceutical and health industry, which surpassed 1 trillion yuan in industrial output for the first time.

On the individual front, the per capita disposable income of residents in the city reached 85,415 yuan in 2024, showing a growth of 4.4 percent after adjusting for price factors, data showed.