Beijing's Industrial Value-Added Output Rises 6.6% YoY in Jan-Nov, Showcasing Economic Resilience

Beijing's economy demonstrated steady growth and resilience from January to November, with industrial value-added output increasing by 6.6% year-on-year, according to data released by the Beijing Municipal Bureau of Statistics and the National Bureau of Statistics Beijing Survey Team. Key sectors such as industrial production, fixed-asset investment, and consumer markets showed sustained improvement.

The automotive sector, particularly new energy vehicles (NEVs), emerged as a highlight. In November alone, Beijing-based automakers reported robust sales: Xiaomi Auto exceeded 40,000 units, while BAIC New Energy and Li Auto each surpassed 30,000 units. NEVs have become a symbol of Beijing's industrial transformation.

From January to November, value-added output in large-scale industries grew by 6.6% on a comparable price basis. Key sectors included computers, communications, and electronic equipment manufacturing (up 22.3%), automotive manufacturing (up 17.1%), and electricity/heat production and supply (up 4.9%). However, pharmaceutical manufacturing declined by 9.0%. Strategic emerging industries and high-tech manufacturing saw growth of 16.5% and 8.4%, respectively, with NEV production surging 150%, lithium-ion batteries 110%, wind turbines 37.0%, and service robots 21.7%.

Consumer activity gained momentum during extended promotional campaigns like "Double 11," driving Beijing's total retail sales of consumer goods to an average monthly growth of 5.3% in October-November. For the first 11 months, total market consumption rose 1.4% YoY, with service consumption up 4.8%. Retail sales reached 1.249 trillion yuan, though down 3.1%, the decline narrowed by 0.1 percentage points. Premium categories like jewelry (up 40.5%) and cosmetics (up 12.3%) outperformed, while daily necessities grew steadily.

Fixed-asset investment (excluding rural households) expanded 5.8%, fueled by a 67.6% spike in equipment purchases and a 43.2% rise in high-tech sector investments, led by IT and scientific research.

Inflation remained mild, with November CPI up 0.6% YoY but down 0.2% month-on-month. For January-November, CPI dipped 0.3%, with food prices down 2.4% and non-food prices up 0.1%. Industrial PPI fell 1.3% YoY in November, narrowing by 0.1 percentage points.