Beijing's economy expands 6.7% in first three quarters

October 22, 2018: Beijing’s economy grew 6.7% year on year in the first three quarters of 2018, according to the Beijing Municipal Bureau of Statistics.

Over this period, the municipality's gross domestic product totaled 2.15 trillion yuan (about 318 billion U.S. dollars), with the tertiary sector registering a 7.2% growth, said Pang Jiangqian, vice director of the bureau.

Notably, Beijing saw a 16.8% growth in its high-tech manufacturing and its strategic new industries expanded 11.2% year on year in the first three quarters of this year.

Over the period, the capital's consumption volume grew 7.9% year on year, with service-oriented consumption contributing to more than 75% of the growth.

"Data shows that service-oriented consumption has played a major role in the growth," Pang said. "Consumers' diverse needs have continued to help optimize the structure of consumption."

(APP)