Hohhot GDP grows 5.7% in Q1
Hohhot in North China's Inner Mongolia autonomous region sees a solid start to the year with 5.7 percent growth in the first quarter, according to official statistics. [Photo/IC]
Hohhot saw a solid start to the year with 5.7 percent economic growth in the first quarter, according to official data released by the local statistics authority.
Its GDP reached 64.18 billion yuan ($9.53 billion) in the first three months of the year, up 3 percentage points from the growth rate of the same period over the previous year.
The added value of the city's tertiary industry was 48.38 billion yuan, an increase of 6.8 percent and making up 89 percent of its total GDP growth. For-profit services performed particularly well.
From January to March, the city saw steady growth in industries, while industries above a designated size (which refers to those with annual main business revenue of 20 million yuan or more) yielded 8.27 billion yuan in profit, 142.2 percent more than last year.
Fixed asset investments grew 22.4 percent in the first quarter while infrastructure investment grew 135.3 percent, with metro and highway programs advancing steadily.
The municipal government collected around 4.66 billion yuan in fiscal revenue during the period, according to statistics.
Tax revenue climbed to 4.07 billion yuan, making up the lion's share of the city's total fiscal revenue.
In recent years, the local government has been carrying out a series of measures to increase employment and income.
In the first three months of the year, per capita disposable income among permanent urban residents grew by 6.8 percent to 12,973 yuan. Among permanent rural residents, the figure increased by 8.3 percent to 6,022 yuan.
Consumer prices rose by 2.1 percent as accommodation, medical care, education, entertainment, and apparel costs increased.
Statistics shows that the city's retail sales, an important barometer for consumer demand, stood at 38.68 billion yuan, rising 3.3 percent year-on-year.
A growing number of Hohhot residents have begun buying things like new energy cars, cosmetics, jewelry, and books.