Beijing new economy’s revenue expanded to 470.72 billion yuan (68.93 billion U.S. dollars) in the first half of 2018, up 15.2 percent year-on-year, calculated at current prices, according to the data released by Beijing Municipal Bureau of Statistics(BMBS) recently.
Since 2018, Beijing’s new industry, new form of industry and new business model have kept a sound development momentum and innovation has played a prominent role in driving development, which have lead the transformation of city’s economy.
Beijing’s new industry has grown fast. Data showed that in the first half of 2018, the city’s emerging sectors of strategic importance made total revenue of 232.32 billion yuan and high technology industry made revenue of 336.14 billion yuan, accounting for 23.9 percent of the city’s GDP.
Beijing also saw the rapid growth of online retail with a faster integration of the online and the offline; and the new form of industry and new business model both were dynamic.
“By merger, investment, strategic cooperation and establishing joint venture companies, the online and offline have stepped up integration and cooperation and promoted the integration of resources and advantages,” said a staff member of BMBS.
The online retail turnover of enterprises above designated size in wholesale and retail industry amounted to 113.73 billion yuan in the first six months of 2018, increasing 22 percent compared with the same period of previous year, which boosted the growth of total retail sales of consumer goods by 4 percent and it accounted for 21.1 percent of the total retail turnover and was 3.7 percentages higher than the national average level.
In terms of the innovation’s drive, Beijing’s Zhongguancun continued to play the leading role.
Data showed that Zhongguancun Demonstration Area’s enterprises above designated size had increased their research and development expenditure by 21.6 percent, up 6.4 percentages year-on-year, and their technological revenue had increased by 37 percent, 22.1 percentages higher than that of general revenue.
Under the drive of new economy power, the development quality of Beijing’s economy has been ever increased and its industrial structure has been constantly optimized.
In the first half of 2018, the proportions of emerging sectors of strategic importance and high technology industry in the revenue of industrial enterprises above designated size rose by 0.9 percentages and 1.5 percentages respectively.
While in the service sector, the information service and technology service, both belonging to high-end service, both had made a higher increasing rate than the overall increasing rate of the service sector and their combined revenue accounted for 23.3 percent of the city’s GDP, a rise of 3 percentages year-on-year in the first half of 2018.