Beijing Economy

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5 years ago admin

Beijing is one of the most developed cities and economic centres in China.Its tertiary industry accounts for 71.3%of its GDP which makes it the first post industrial city in mainland China.Finance is one of the most important sectors of economy of Beijing.By the end of 2007，there were 751 financial organizations in Beijing that generated 128.6 billion RMB revenue accounting for 11.6%of the total financial industry revenue of the entire country.It also accounts for 13.8%of Beijing’s GDP，the highest percentage of that in all Chinese cities.

Beijing’s nominal GDP was 900.62 billion RMB（118.4 billion USD）in 2007，a year-on-year growth of 12.3%from the previous year.Its GDP per capita was 56，044 RMB，an increase of 8.9%from the previous year.Beijing’s primary，secondary，and tertiary industries were worth 10.13 billion RMB，247.93 billion RMB，and 642.56 billion RMB.Urban disposable income per capita was 21，989 RMB，a real increase of 11.2%from the previous year.

In 2007，pure income of rural residents per capita was 9，559 RMB，a real increase of 8.2%.Disposable income per capita of the20%low-income residents increased 16.7%，11.4 percentage points higher than the growth rate of the 20%high-income residents.The Engel’s coefficient of Beijing’s urban residents reached 31.8%in 2005 and that of the rural residents was 32.8%，declining 4.5 percentage points and 3.9 percentage points，respectively，compared with 2000.

The Beijing CBD at the Guomao area has been identified as the city’s new central business district，and is home to a variety of corporate regional headquarters，shopping precincts，and high-end housing.The Beijing Financial Street in the Fuxingmen and Fuchengmen area is a traditional financial centre.Zhongguancun，dubbed”China’s Silicon Valley”，continues to be a major centre in electronics-and computer-related industries.

Meanwhile，Yizhuang，located to the southeast of the urban area，is becoming a new centre in pharmaceuticals，IT，and materials engineering.

Major industrial areas include Shijingshan，located on the western outskirts of the city.Agriculture is carried out outside the urban area of Beijing，with wheat and maize（corn）being the main crops.Vegetables are also grown in the regions closer to the urban area in order to supply the city.

Beijing is increasingly becoming known for its innovative entrepreneurs and high-growth start-ups.The development of Beijing continues to proceed at a rapid pace，and the vast expansion of Beijing has caused a multitude of problems for the city.Beijing is known for its smog and haze as well as the frequent“power-saving”programmes instituted by the government.Citizens of Beijing as well as tourists often complain about the quality ofthe water supply and the costof the basic services such as electricity and natural gas.To reduce air pollution，a numberof major industries have been ordered to reduce emissions orleave the city.Beijing Capital Steel，once one of the city’s largest employers and its single biggest polluter，has been moving most of its operations to Tangshan.