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Beijing’s economy expands 6.7% in first three quarters

Updated: Oct 22,2018 8:41 PM     Xinhua

BEIJING — Beijing’s economy grew 6.7 percent year-on-year in the first three quarters of 2018, according to the Beijing Municipal Bureau of Statistics.

Over this period, the municipality’s gross domestic product totaled 2.15 trillion yuan (about $318 billion), with the tertiary sector registering a 7.2 percent growth, said Pang Jiangqian, vice-director of the bureau.

Notably, Beijing saw a 16.8 percent growth in its high-tech manufacturing and its strategic new industries expanded 11.2 percent year-on-year in the first three quarters of this year.

Over the period, the capital’s consumption volume grew 7.9 percent year-on-year, with service-oriented consumption contributing to more than 75 percent of the ‘growth.

“Data shows that service-oriented consumption has played a major role in the growth,” Pang said. “Consumers’ diverse needs have continued to help optimize the structure of consumption.”