Baotou city records solid economic growth in Jan-May

Baotou in North China’s Inner Mongolia autonomous region reported steady economic growth in the first five months of 2020, with the added value of manufacturers above a designated size in the city – those with annual turnover of 20 million yuan ($2.8 million) or more – increasing by 6.1 percent year-on-year, according to the city's statistics bureau.

Officials said Baotou’s five pillar industries showed steady development in the January to May period, with their total added value increasing by 5.3 percent year-on-year.

The added value of the equipment manufacturing industry increased by 12.4 percent during the same period, while the aluminum industry increased by 7.2 percent, the rare earth industry increased by 6.7 percent, the steel industry increased by 3.6 percent and the electricity industry increased by 3.3 percent.

From January to May, the city's fixed asset investment fell by 35.1 percent year-on-year, of which real estate development investment fell by 23.6 percent and private investment fell by 33.6 percent.

By sectors, from January to May, investment in the city’s primary industry increased by 96.4 percent year-on-year, while that in the secondary and tertiary industries decreased by 39.0 percent and 34.5 percent, respectively.

In addition, driven by Hongyuan New Materials' 5GW single crystal project, investment in high-tech industries increased by 1.3 times during the same period, officials said.