Finance now the most important sector in Beijing
June 19, 2017 Category Macro-economy, Weekly
Beijing’s per capita GDP in 2016 grew to CNY115,000 and its economic output reached nearly CNY2.5 trillion, according to an official economic report. The contribution of the service sector to GDP has surpassed 80%, a 3.7 percentage point increase over 2011. Finance became the foremost industry in the service sector in 2016, accounting for 17.1% of the capital’s economy, followed by information, and science and technology industries, which occupy 10.8% and 8.4% of the total respectively. “From the data, we can see a clear trend of Beijing actively striving to turn the city from a traditional economic center to a global scientific and technological innovation hub,” Yin Zhi, Dean of the Urban Planning and Design Institute of Tsinghua University, told the Global Times. To achieve that, the share of high-end manufacturing in the service sector should be further expanded, Yin added. In 2016, the capital’s research and development (R&D) reached CNY148 billion, 58% more than in 2011. Beijing’s per capita GDP in 2016 rose from CNY82,000 in 2011 to CNY115,000. In 2016, the disposable income of Beijing urban residents was CNY57, 275 per capita, an increase of 57.5% over that of 2011. The city’s resident population stood at 21.7 million by the end of 2016.
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