Beijing’s annual gross domestic product (GDP) exceeded CNY4 trillion for the first time in 2021, a year-on-year increase of 8.5%, Mayor Chen Jining said at the fifth session of the 15th Beijing Municipal People’s Congress. “Against the background of the unstable pandemic situation around the world, as well as the complicated external environment, Beijing has achieved obvious results in many aspects with hard work,” Chen said. Presenting the government work report at the opening session of the Congress, he said the city had achieved a good start in the 14th Five Year Plan (2021-25) period by making progress in many fields, including economic growth, integrated development, science and technological innovation, environmental improvement and education reform.
According to the report, consumer prices in Beijing rose by 1.1% last year, and the per capita disposable income of residents increased by 8%. The number of newly established foreign-funded enterprises in Beijing increased by more than 50% compared to the previous year. Total utilized foreign capital exceeded USD15 billion in the city. Beijing has set an economic growth target of 5% this year. The new generation of information technology and the health sector have become the ‘double engines’ for the city’s cutting-edge industrial development. From January to November 2021, the two major vaccine manufacturers in Beijing contributed a total output value of more than CNY230 billion. The electronics industry grew by 19.9%. Beijing’s economic performance in the first three quarters last year is better than the national average, which has set a high baseline for 2022, the China Daily reports.