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Baotou reports 9.8% GDP growth in H1
Updated: Aug 2, 2023
goinnermongolia.com.cn
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In the first half of the year, Baotou in North China's Inner Mongolia autonomous region saw a rapid spike in economic growth.
Baotou reported a gross domestic product (GDP) of 206.62 billion yuan ($28.76 billion), a year-on-year increase of 9.8 percent. This marks its highest growth rate in seven quarters, and it exceeds the national average by 4.3 percentage points and the regional average by 2.5 percentage points.
During this period, the added value of Baotou's industrial output from enterprises above designated size increased by 22.5 percent year-on-year, marking the highest increase in 26 months and contributing to a 5.6-percentage-point growth in GDP.
In the first half of this year, a total of 621 major projects in the city were completed with an investment of 95.9 billion yuan. The city added 86 new enterprises above designated size, which is equivalent to the total for the entire previous year. These enterprises drove GDP up by another 3.12 percent.
Driven by the strong impetus of key projects, the city's fixed asset investment also increased by 41.1 percent in the first half of the year.
It is worth mentioning that the two major industries that were prioritized for development in Baotou have also made significant progress in the first half of the year.
On May 23, at the SNEC 16th (2023) International Photovoltaic Power Generation and Smart Energy Conference & Exhibition in Shanghai, Baotou was awarded the title of "World Green Silicon City" by the World Energy Council.
In terms of its rare earth industry, the first domestic rare earth new materials technology innovation center was inaugurated in Baotou. Northern Rare Earth Group was recognized by the State-owned Assets Supervision and Administration Commission of the State Council as a world-class exemplary enterprise.
In the first half of the year, Baotou also hosted various cultural and tourism events, including the 2023 Baotou Marathon, the 2023 Baotou Equestrian Series, and the 2023 Baotou New Energy Vehicle Festival.
These activities have led to the rebound in consumption. The total retail sales of consumer goods in the city reached 49.9 billion yuan, an increase of 6.9 percent, which also contributed to this extraordinary GDP spike.
