Beijing's GDP up 13% in 1st 9 months
(Xinhua)
Updated: 2004-10-16 10:44

Beijing's macro control measures started to pay off despite a GDP (gross domestic product) growth of 13 percent in the first three quarters.

This was shown mainly in a slowdown in investment and a reduction in credit extension by commercial banks, said Yu Xiuqin, a municipal statistical bureau spokeswoman, at a press conference held in Beijing Thursday.

According to Yu, China's capital realized 296.95 billion yuan (US$35.8 billion) in GDP in the first nine months of this year, a year-on-year growth of 13 percent. The total included 8.18 billion yuan in value-added output by the primary sector, up 0.8 percent; 112.61 billion yuan (US$13.6 billion) by the secondary sector, up 16.75 percent; and 176.16 billion yuan (US$11.2 billion) by the tertiary sector, up 11.2 percent.

More noteworthy was a quicker growth for the new- and high-tech sector in the first three quarters, Yu acknowledged.

The sector realized 26.72 billion yuan (US$3.2 billion) in new and high technology value-added output in the nine-month period, up 17.3 percent year-on-year. The growth rate was 9.5 percentage points higher.

From January to September, fixed-assets investment amounted to 152.5 billion yuan (US$18.4 billion), up 16 percent over the same period of last year. But the growth rate was 20.5 percentage points lower than the first-quarter level. The total included 87.06 billion yuan (US$10.5 billion) in the property development sector, up 20.3 percent. The growth rate was 20.3 percentage points lower than the Jan.-Mar. level, Yu said.

Meanwhile, loans made by commercial banks in Beijing declined 41 percent from the year-earlier level in the January-September period.

Since earlier this year, China began a macro control campaign to cool down its structurally overheated economy.

Close