Hohhot city economy performs strongly in Q1-3

Hohhot city in North China's Inner Mongolia autonomous region. [Photo/Hohhot news network]

In the first three quarters of 2023, the economy of Hohhot continued its positive recovery trend, with key economic indicators surpassing the national and regional average growth rates.

Since July, the growth rate of the city's industrial value-added of enterprises above a designated scale has continued to climb, at above 20 percent growth, reaching a decade high.

Dynamic growth: Horinger New Area in Hohhot. [Photo/Hohhot news network]

From January to September, the value-added of industries of a designated size increased by 22.6 percent year-on-year, an increase of 3.6 percentage points compared with the first half of the year.

Of these, the development pace of the manufacturing industry  significantly accelerated, with a growth rate of 22.1 percent – contributing a 17.7 percentage point gain to the growth of the city's industrial value-added.

Investment in the manufacturing industry during the period increased by a whopping 46.1 percent, while investment in high-tech manufacturing industry increased 7 times year-on-year.

What's more, the profitability of enterprises continued to improve. From January to August, the total profits of companies of a designated size in the city reached 22.37 billion yuan ($3.06 billion), a year-on-year increase of 4.8 percent, with operating income of 221.28 billion yuan, up 6.1 percent.

The city's industrial structure also continued to optimize. From January to September, all 198 key industrial projects in Hohhot's six major industrial clusters were fully operational, achieving a total industrial output value of 166.05 billion yuan, a year-on-year increase of 7.6 percent.