Baotou economy develops steadily in first 3 quarters

In the first three quarters, the GDP of Baotou was 282.15 billion yuan ($39.08 billion), a year-on-year increase of 7.3 percent. The added value of the tertiary industry was the highest, with 125.99 billion yuan. The city's economy has stabilized and rebounded, and is steadily improving.

In the first three quarters, the added value of industries above designated size in the city increased by 17.6 percent year-on-year, achieving double-digit growth for 25 consecutive months and remaining first in North China's Inner Mongolia autonomous region for 15 consecutive months.

Rare earth and photovoltaic manufacturing in Baotou have contributed significantly to the economy. Product output of the city has increased, and the connection between production and marketing has remained smooth, the development of new kinetic energy has been accelerated, the private industry has maintained vitality, the efficiency of enterprises has improved significantly, and total profits has increased significantly.

In addition, since the beginning of this year, the city's fixed asset investment has maintained rapid growth. The growth rate in the first three quarters was 29.2 percent, the highest in the autonomous region. Investment in high-tech industries increased by 83.4 percent year-on-year.

With the development of the economy, the city's consumption level has also risen. In September, the total retail sales of consumer goods in the city reached 9.36 billion yuan, a year-on-year increase of 2.8 percent. Oil consumption has increased, and the automobile market has recovered.

Moving forward, the city will continue to ensure the healthy and stable development of the city's economy.