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Beijing maintained a double-digit growth rate in gross domestic product, or GDP, in the first half of this year, due in part to the Olympic-related construction spree and vigorous exportation of goods.
GDP of China's capital amounted to 191.03 billion yuan (US$23.02 billion) from the first six months of this year. This was a growth of 15.4 percent with comparable prices, said Yu Xiuqin, spokeswoman for the municipal bureau of statistics.
The municipal economy was affected by an outbreak of severe acute respiratory syndrome, or SARS, in the first half of last year. This slowed the economy accordingly.
Allowing for the SARS factor, the real GDP growth may be revised to 13.3 percent for the first half of this year, Yu said.
Since 1999, Beijing has maintained a GDP growth above 10 percent. Beginning last year, the construction projects for the 2008 Olympic Games in Beijing and the demand for higher-grade consumer goods have accelerated of the municipal economy.
Yu said that from January to June, the quality of economic growth further improved in Beijing. This can be seen in the fast increase in fiscal revenue and a rise in FDI (foreign direct investment).
During the six months, Beijing garnered 37.85 billion yuan (US$4.56 billion) in local fiscal income, up 25.3 percent over the same period of last year. Actually 1.72 billion US dollars in foreign capital was used, up 68.1 percent over the same period in 2003.
Yu noted that external trade also contributed to the rosy overall economic landscape in China's capital.
Between January and June, Beijing exported US$4.51 billion worth of goods, up 38.4 percent.
(CRI July 17, 2004)
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