Beijing's annual gross domestic product exceeded 4 trillion yuan ($630 billion) for the first time in 2021, a year-on-year increase of 8.5 percent, Chen Jining, mayor of the capital, said on Jan 6 at the fifth session of the 15th Beijing Municipal People's Congress.

"Against the background of the unstable pandemic situation around the world, as well as the complicated external environment, Beijing has achieved obvious results in many aspects with hard work," Chen said.

Presenting the government work report at the opening session of the conference, he said the city had achieved a good start in the 14th Five-Year Plan (2021-25) period by making progress in many fields including economic growth, integrated development, science and technological innovation, environmental improvement and education reform.

According to the report, consumer prices in Beijing rose by 1.1 percent last year, and the per capita disposable income of residents increased by 8 percent. The economic structure and quality continued to be optimized and improved.

In addition, a total of 5 billion vaccines for COVID-19 were produced in Beijing in 2021, making a strong contribution to the global fight against the epidemic.

Facing an unstable outside environment, Beijing has kept its openness to foreign investors. The number of newly established foreign-funded enterprises increased by more than 50 percent compared to the previous year. The total utilized foreign capital exceeded $15 billion in the city.

According to a draft report to the congress by the municipal development and reform commission, the city's top economic planner, Beijing is setting its economic growth target at 5 percent this year.

"The global economic recovery still faces obstacles from the epidemic and other factors, which will put more pressure on Beijing's economic growth," said the report. "However, the new generations of information technology and medical health have become the 'double engines' for the city's cutting-edge industries' development."

From January to November 2021, the two major vaccine manufacturers in Beijing contributed a total output value of more than 230 billion yuan. The city accelerated the integrated circuits industrial chain last year, which increased 25.8 percent, driving the growth of the electronics industry by 19.9 percent.

"Beijing's economic performance in the first three quarters last year is better than the national average level, which has set a high baseline for 2022. Adding the factors of epidemic prevention and control, structural adjustment and uncertainty in the economy, it's reasonable to set the target of GDP growth at 5 percent," said the report from the commission.

At the same time, conditions for achieving stable growth this year are favorable for Beijing, which is home to the 2022 Winter Olympic Games, the Beijing Stock Exchange and a Universal Studios theme park. Those projects are expected to help boost economic development.