The Chinese capital's economy continued to show robust growth, with its gross domestic product (GDP) reaching 1.12 trillion yuan (US$150 billion) in the second quarter of 2024. This marked the second consecutive quarter that Beijing's GDP had exceeded the 1 trillion-yuan threshold, a city official said at a press conference on Wednesday.

The city's economic and social development is characterized by stability, growth, and improvement, said an official at the Beijing Municipal Commission of Development and Reform. Key sectors driving this growth include information services, finance, and industry, which collectively contributed to over 50% of the city's GDP and more than 80% of its economic expansion.

One standout performer is the new energy vehicle sector, with production skyrocketing to 3.5 times the same period last year. The surge in Beijing's competitive industries is supported by over 70 government policies, four newly established government investment funds aimed at accelerating innovation, and other related measures.

Beijing is also seeing a significant rebound in tourism. The number of visa-free foreign tourists entering China through Beijing ports increased more than tenfold in the first half of the year. This growth is partly attributed to improved payment services for international visitors at the city's airports so that they could more conveniently shop, dine, and pay for transportation.

Consumer spending is on the rise, bolstered by the renovation of 15 commercial areas and the hosting of 965 large-scale events in the first half of the year. From January to May, revenue in the cultural and arts industry increased by 20.8%. 

A trade-in program for consumer goods and the issuance of consumption vouchers have further stimulated sales across multiple categories. About 2,700 applications for car trade-ins had been received, with an estimated subsidy of 23.26 million yuan, driving a total consumption of 730 million yuan.

The city government is also focusing on improving public services. A total of 20 new community elderly care centers have been established in the first half of the year. Additionally, Beijing is upgrading its urban infrastructure, with plans to renovate 597 kilometers of heating pipelines in 2024.

Looking forward, city officials said they remain optimistic about Beijing's economic outlook, city the capital city's strength in economic resilience, potential, and vitality.

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