Chinese capital's economy registers 5.2% growth in 2024

BEIJING - The gross domestic product (GDP) of the Chinese capital, Beijing, increased about 5.2 percent year-on-year in 2024, mayor Yin Yong said Tuesday.

Its per capita GDP remained among the highest nationwide, Yin said when delivering a government work report at the annual session of the Beijing Municipal People's Congress.

In the face of a complicated and challenging environment, the city has "introduced a series of targeted measures to ensure stable and sound growth of the capital's overall economy," Yin said.

Last year, Beijing strengthened and optimized its economic engine of advanced manufacturing sectors, by implementing 40 targeted policies to support industries such as medical devices and new materials.

Notably, the scale of the city's pharmaceutical and healthcare industry surpassed a trillion yuan ($139.12 billion) for the first time. Key electric vehicle projects, including those from companies like Xiaomi and Li Auto, began production, contributing to the manufacturing of nearly 300,000 new energy vehicles in the capital -- almost a threefold increase.

Beijing's success in these high-tech sectors is deeply rooted in its robust innovation network, notably in key hubs like Zhongguancun, often referred to as China's "Silicon Valley."

According to the report, Beijing leads the nation in the number of high-tech enterprises, "little giant" businesses and unicorn companies.

"Little giants" refer to the novel elites of small- and medium-sized enterprises engaged in manufacturing, specializing in a niche market and boasting cutting-edge technologies.

The city's proactive measures were not limited to the industrial sphere. In 2024, the 21-million-strong city also took significant steps to stabilize its real estate market, which had faced challenges in recent years.

Aligned with the broader national trend of stimulus, the municipality rolled out a real estate policy package, which included lowering down payment ratios and mortgage rates and optimizing purchase restriction measures, which actively promoted the property market's stabilization and uptick.

"The housing market in core cities like Beijing is showing clear signs of stabilization, with residents regaining confidence in property purchases," said Gao Yuan, director of the Beijing Lianjia Research Institute. He described the rebound as a result of restored market confidence, suggesting a more sustained recovery.

This focus on economic stability also dovetailed with Beijing's broader strategy to enhance foreign trade and investment. The city saw its total import and export volume exceed 3.5 trillion yuan in 2024.

Eight major foreign-funded pharmaceutical companies, including global giants like Eli Lilly, Pfizer and Bayer, established new research and development centers in Beijing in 2024, further signaling the city's growing role in international business.

Beijing also saw a significant travel boom in 2024, contributing a lot to its economic landscape. The total passenger throughput at the city's two airports surpassed 117 million, marking a 26.2 percent year-on-year increase, with international travelers accounting for 16.8 percent of the total.

Inbound tourism to Beijing surged by 186.8 percent compared to the previous year, setting new records for both tourist numbers and revenue, according to the report.

To support the influx of international visitors, Beijing upgraded services in areas like transportation, accommodation, shopping and payments. The city also introduced new tourism offerings, including walking and cycling routes along the Beijing Central Axis, which was recognized as a UNESCO World Heritage Site in 2024, and lantern festival activities, which were particularly popular among foreign visitors, according to the Beijing Municipal Bureau of Culture and Tourism.

In addition to these developments, Beijing's economic vitality was further reflected in a 3.1 percent increase in general public budget revenue, while the city's urban surveyed unemployment rate remained steady at around 4.1 percent. Furthermore, the city's residents saw a 4.5 percent increase in per capita disposable income, with the consumer price index, a main gauge of inflation, rising by 0.1 percent.

Looking ahead to 2025, Yin indicated that Beijing aims for a GDP growth of approximately 5 percent, continuing its trajectory of steady progress amidst stability.