Hohhot reports stable economic growth in Jan-May

A night view of Hohhot, Inner Mongolia. [Photo/Hohhot news network]

Hohhot, the capital of North China's Inner Mongolia autonomous region, reported stable economic growth in the first five months of 2023, with various economic indicators proving better than expected.

During the period, the added value of industrial enterprises in Hohhot above a designated size – those with annual revenue of 20 million yuan ($2.76 million) or more from their main business operations – increased by 18.8 percent year-on-year.

Among the 28 major industries, 21 saw positive growth and 18 achieved double-digit growth.

The added value of the manufacturing industry – the main driving force behind the steady development of Hohhot's industrial economy above a designated size – jumped 19 percent.

Fixed-asset investment increased by 39.2 percent year-on-year. Investment in the social sector increased by 56.2 percent, including a 72.3-percent increase in the education sector and a 3.6-fold jump in investment in healthcare and social work.

Hohhot's consumer market has also accelerated its recovery. From January to May, total retail sales of consumer goods stood at 45.14 billion yuan, a year-on-year increase of 13.7 percent.