Beijing's economic development accelerated in the first nine months of 2024, driven by industrial output reaching 1.9 trillion yuan ($267 billion) and 10.4% year-on-year growth in core digital sectors, according to data released by the Beijing Municipal Bureau of Economic and Information Technology.

Liu Weiliang, deputy director of the Beijing Municipal Bureau of Economics and Information Technology, noted on Tuesday that the city's industrial and information software sectors maintained stable growth through September. He added that the industrial structure improved while performance indicators exceeded expectations.

The city's automobile manufacturing sector grew 18.4% through September. New energy vehicle production expanded significantly, with Chinese tech firm Xiaomi's first self-developed new energy vehicle (NEV), the SU7, delivering more than 70,000 units.

Beijing's strengths in advanced technology drove growth in intelligent connected NEVs and electronic manufacturing through September. These sectors lifted strategic emerging industries by 14% and high-tech manufacturing by 8.3% year on year, surpassing traditional industrial growth rates.

The city prioritized breakthroughs in advanced technology, intelligent systems and green industries, implementing more than 40 policies to promote innovation. Fixed asset investment in key industrial sectors and information software grew more than 30% compared to last year.

Beijing has established a comprehensive support system for small- and medium-sized enterprises, fostering a network of more than 20,000 key companies. The city plans to develop new quality productive forces, actively plan the implementation of industrialization projects, and promote breakthroughs in the chain of key industries.

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