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The Steady, Developing Economy of Beijing2006/11/04
The Beijing Urban Master Plan (2004–2020) posits As part of its overall plan, Beijing will comprehensively develop the old city, the urban city centre and its suburban new towns to effectively protect the status of Beijing as a famous historical and cultural city, while improving the living and working environment of the municipality. The plan will adhere to human-oriented and protective principles, strengthen the protection of the old city and properly handle the relationships that exist between the improvement of living conditions of its residents and the protection of the ancient capital. It will encourage the development of cultural undertakings as well as cultural and tourism industries, in line with the traditional spatial features of the old city and actively explore means of small-scale, gradual and organic upgrading. The beautiful spatial order of the old city will be preserved and improved. A Steady, Developing Economy In recent years, Beijing has accelerated its urban construction and development, including its comprehensive transportation and traffic management systems. Its Fourth, Fifth and Sixth Ring roads, new expressways and urban railways have greatly improved urban transportation. In 2005, 22.41 billion yuan (US$2.84 billion) was invested in transportation construction. Before 2008, it is estimated that the Beijing mass-transit rail network will have been expanded to 280 kilometres in total length. Public transportation is expected to be the dominant form of transportation within the city by 2020, featuring efficiency, convenience, easy access to all, comfort, good management, wise energy use, sound environmental practices and other features of a world-class public transportation system. Investment in fixed assets is growing prudently. From January to July 2006, Beijing’s fixed asset investment was valued at 150.26 billion yuan (US$19.1 billion), 24.6 percent higher year-on-year. Fixed asset investment in the urban area increased by 31.3 percent to a record 59.06 billion yuan (US$7.5 billion). Real estate investment rose to 79.76 billion yuan (US$10.1 billion), growing by 19.8 percent. Investment in rural areas increased to 11.44 billion yuan (US$2 billion), increasing by 27.1 percent. Beijing’s gross domestic product (GDP) was valued at 688.63 billion yuan (US$87.12 billion) in 2005, an 11.9 percent increase year-on-year, generating an average per capita GDP of US$5,502. During the 10th Five-Year Plan, the city’s GDP increased by an average of 11.9 percent annually, 2.9 percentage points greater than planned and 1.6 percentage points higher than the growth seen under the Ninth Five-Year Plan. The added values of agricultural, manufacturing and tertiary sector production were valued at 9.8 billion yuan (US$1.24 billion), a decline of 0.8 percent; 202.65 billion yuan (US$25.63 billion), an increase of 10.1 percent and 476.18 billion yuan (US$60.23 billion), an increase of 13 percent. People’s Lives In 2005, the average personal expenditures of urban residents rose by 8 percent over that of 2004 to 13,200 yuan (US$1,676). The Engel coefficient was 31.8 percent for urban dwellers and 32.8 percent for rural residents. The records declined by 4.5 percentage points and 3.9 percentage points from that of 2000. Expenditures on transportation, telecommunications, education, culture and healthcare accounted for 30.9 percent of an average urban resident’s consumption, a 7.4 percentage point increase from 2000. By the end of 2005, 5.2 million people in the city had purchased basic medical insurance; 5.85 million had bought into a basic pension fund; 3.95 million had unemployment insurance and 3.29 million had purchased insurance against injuries, reflecting increases of 600,000; 908,000; 866,000 and 699,000 compared with the end of 2004. The reform of the endowment insurance system in rural areas was improved. In 2005, about 406,000 rural residents bought endowment insurance and about 2.49 million people joined the new collaborative medical care system. Standards of social insurance improved throughout 2005, and payments were made to 155,000 urban residents to ensure they could afford their basic living expenses. From 2001 to 2005, housing area per capita in Beijing increased to 19.5 square metres from 17.6 square metres. During the past five years, housing sales and total area sold grew by 20 percent or more annually, and sales volumes tripled during the five years. Large Market Potential In 2004, total demand of the investment, consumption and industrial markets reflected a huge increase in various trade activities in Beijing. Fixed-asset investments totalled 252.83 billion yuan (US$31.6 billion), a year-on-year increase of 17.2 percent. Retail sales were valued at 219.18 billion yuan (US$27.4 billion), up 14.4 percent. Insurance premiums rose to 27.89 billion yuan (US$3.49 billion) and 1,851.29 billion yuan (US$231.41 billion) in stock transactions were reported during the year. Investments in real estate continued their rise to about 147.33 billion yuan (US$18.42 billion) and the value of imports and exports totalled 28.07 billion (US$3.51 billion). Chain-store sales turnover tallied to 63.52 billion yuan (US$7.94 billion), accounting for 29 percent of consumer products sales. Business opportunities brought by the 2008 Olympic Games will add to market potential in the coming years. Foreign Trade Grows Beijing has already formed an open, comprehensive, multi-level, broad-based business environment. Many famous multinationals, including Toshiba, Panasonic, Nokia, Motorola, Samsung and Boeing have chosen Beijing as their regional headquarters. By the end of 2005, in Beijing, there were 16 regional headquarters, 146 investment companies and 239 research institutions of multinational companies whose operations had been approved by the Ministry of Commerce of the People’s Republic of China. In 2005, there were 2,136 foreign capital agreements in force, involving effective foreign capital of US$3.53 billion and contracted foreign capital valued at US$6.52 billion. In 2001–05, at least 7,821 foreign capital agreements were signed citywide, including contracted foreign capital valued at US$217.3 billion and effective foreign capital of US$123.2 billion, representing increases of 90.8 percent, 80.3 percent and 24.6 percent over rates found in the Ninth Five-Year Plan. In 2004 and 2005, imports and exports handled by the Beijing customs were valued at US$94.66 billion and US$125.57 billion. Imports and exports of local enterprises totalled US$28.07 billion and US$10.32 billion. The exported product mix was optimized with the export of high-tech products valued at US$5.17 billion and US$8.89 billion in 2004 and 2005, accounting for 48.8 percent and 52.6 percent of the total local export value. During the 10th Five-Year Plan, from 2001 to 2005, Beijing’s total local import and export value rose to US$392.74 billion, 1.3 times more than that of the Ninth Five-Year Plan. Total import and export values of local enterprises grew to US$114.76 billion, twice that of the Ninth Five-Year Plan. The Beijing Olympic Games fosters new business opportunities The city’s preparatory work for the 29th Olympic Games in 2008 has created almost endless business opportunities for companies from home and abroad, triggering the creation of Beijing’s “Olympic economy.” It is characterized by three aspects. The first aspect involves direct investment in the construction and the reconstruction of Olympic stadiums. The construction work is going well. Plans call for 37 stadiums and 76 training stadiums that will be used for Games competitions and training during the Olympic Games. Fifteen of the newly built stadiums are under construction, with major projects nearly completed. The construction of facilities such as the Olympic Village is also going smoothly; some of the renovated and temporary stadiums are under construction. By the end of 2006, construction on all renovated and expanded stadiums will have been launched. As of September 2006, 12 newly built stadiums for the Games were under construction and the steel structures of five stadiums, including the National Swimming Center, were complete. The second aspect involves cooperation with the International Olympic Committee (IOC) and the Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG), including various partners, sponsors, providers, exclusive providers, concessionaires and others. As of October 2006, 11 Chinese or foreign enterprises, including the Bank of China, China Network Communications Corporation, China Petrochemical Corporation, China National Petroleum Corporation, China Mobile Communications Corporation, Volkswagen China, adidas (Suzhou) Company Limited and the adidas-Salomon Group, Johnson & Johnson (China) Investment Company Limited, Air China and PICC Property and Casualty Company Limited, had become partners of BOCOG. Nine enterprises, including the Yanjing Beer Corporation and the Haier Group had become Beijing 2008 Olympics sponsors. The third involves business opportunities stemming from the city’s hosting of the 2008 Olympic Games, mainly because of innovations in products and services that are occurring as a result. Gigantic industrial market opportunities that will create extensive investment space for domestic and foreign enterprises have been created in the areas of high and new technology industries; in the modern manufacturing industry with its electronic information; in automobiles and related parts; and in other urban industries that will serve as pillars. These pillars will be augmented by the knowledge-based service industry with its cultural services and financial, insurance and exhibition industries and a modern circulation industry with multiple operations, convenient shops and a modern logistics industry at its core. The tourist industry will play a more important role. |
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