Beijing’s Economy Shows Strong Growth in First Three Quarters of 2024

On October 22, the Beijing Municipal Bureau of Statistics adn the Beijing Survey Team of the National Bureau of Statistics jointly released Beijing’s economic report for the first three quarters of 2024. The city achieved a regional gross product (GDP) of 3.84159 billion yuan, a year-on-year increase of 5.6% at constant prices. This represents an increase of 0.1 percentage points compared to the first half of the year. The Municipal Bureau of Statistics noted that Beijing’s economy demonstrated a “good start in the first quarter, and stable growth in the second and third quarters,” showcasing resilience, innovation, and vitality.

Contribution of Key Industries Exceeds 80%

Events like the Robot Marathon, Robot Games, and GT World Challenge highlight Beijing’s growing industrial ambitions.The recent GT World Challenge, for example, attracted 20,000 spectators and coincided with the World Clever Network Conference, fostering collaboration and partnerships.

Artificial intelligence, embodied intelligence, and new energy vehicles are key focus areas for Beijing. These three advantageous industries – information transmission, software and information technology services, and finance – have driven economic growth, contributing over 80% to the city’s overall economic performance. The information transmission, software and information technology services industry saw an 11.2% increase in added value, fueled by cloud computing, big data, and emerging software progress. the financial industry’s added value rose by 9.0%, a 0.9 percentage point increase from the first half of the year. Industrial enterprises above designated size experienced a 6.5% increase in added value, with high-end manufacturing leading the way. computer, communications, and electronic equipment manufacturing grew by 24.6%, while automobile manufacturing increased by 13.4%, and industrial export delivery value continued to rise.

performance across sectors was positive. The total output value of agriculture, forestry, animal husbandry, and fishery reached 16.57 billion yuan, a slight decrease of 0.4% year-on-year. industry saw a 6.5% year-on-year increase in added value for industries above designated size. The tertiary industry increased by 5.8% year-on-year.