Economic development in Hohhot surges in 2023

Hohhot city. [Photo/Hohhot news network]

In 2023, the economic development of Hohhot, capital city of North China's Inner Mongolia autonomous region, has shown remarkable progress, surpassing expectations and outperforming national and regional averages.

According to preliminary calculations, Hohhot achieved a regional GDP of 380 billion yuan ($52.91 billion), marking a 10 percent year-on-year growth. These figures significantly exceeded the national growth rate of 5.2 percent and the regional growth rate of 7.3 percent.

The added-value of large-scale industries in the city saw a remarkable 23.6 percent year-on-year growth, surpassing national and regional averages by 19 and 16.2 percentage points. This secured the city the top position in the region.

Hohhot's fixed asset investment also surged by 25.5 percent in 2023, outpacing national and regional figures by 22.5 and 5.7 percentage points, ranking second in the region.

Additionally, the total retail sales of consumer goods in the city reached 1202.6 billion yuan, showing a 13.5 percent year-on-year increase. This surpassed the national and regional averages by 6.3 and 5.4 percentage points, respectively, thus claiming the top spot in the region.

Throughout the four quarters of 2023, the region's GDP exhibited a steady upward trend, with growth rates of 7.2 percent, 9.2 percent, 9.7 percent, and 10 percent respectively. These positive figures have consolidated the region's favorable economic trajectory, achieving the fastest growth in nearly a decade.

The strategic focus on expanding domestic demand has been particularly noteworthy in 2023. A series of measures to stabilize investment and boost consumption have been consistently implemented, which have accelerated the release of domestic consumption potential. Last year, all 1,100 key projects planned for the city commenced construction, with a total investment of 135.5 billion yuan, marking a 17 percent year-on-year increase and surpassing the city's annual target by 12.9 percentage points.