Economy

Markets

Industries

Insights

Reports

Events

Beijing mayor says steady development a top priority

(Xinhua)
Updated: 2009-01-12 19:46

The Beijing municipal government's top priority in 2009 is to maintain "steady and relatively fast" economic development, Mayor Guo Jinlong said on Monday.

Guo made the remarks while delivering a government report at the city's annual legislative session. During last year's meeting, he said the city aimed to achieve "sound and fast" economic development.

At the opening of the session on Monday, Guo said the global financial crisis had affected Beijing's economy, with a continuing downturn in the real estate market, mounting pressures for businesses and reduced growth rates in industrial output, exports, fiscal revenues and the economy.

Guo said the unfolding financial crisis poses "many uncertainties for economic development" of Beijing.

"It is a very difficult task to achieve sustainable development of this capital city as serious problems exist among the population, resources and environment," he said.

This year, Beijing aims to maintain growth at 9 percent, the same as the estimated figure for 2008, the official said.

The city intends to keep the registered urban jobless rate below 2.5 percent this year, compared with 1.82 percent for 2008.

If the economy grew 9 percent last year, then the city's GDP would have exceeded 1 trillion yuan ($146 billion), making the capital the 10th member of the country's "trillion yuan club", along with Shanghai and the provinces of Guangdong, Jiangsu and others.

The urban per capita disposable income of Beijing grew by 7 percent to 24,725 yuan while the rural per capita net income increased by 6.5 percent to 10,747 yuan last year.

Central government efforts to offset the impact of the financial crisis and the post-Olympics effect will help the city's development, Guo said.

The central government has decided to carry out an active fiscal policy and a moderately easy monetary policy in 2009. It has unveiled a four-trillion-yuan economic stimulus package to boost growth through enhancing domestic demand.

China's GDP growth slowed to 9 percent in the first three quarters of 2008 as a result of the financial crisis, compared with 11.9 percent in all of 2007.

China is targeting 8 percent GDP growth for 2009 to ensure sufficient jobs and safeguard social stability, Liu Mingkang, Chairman of the China Banking Regulatory Commission, said in December 2008.

Facing grave challenges from rapid changing domestic and international economic situations since last October, Beijing has drawn up a package of plans, involving 140 billion yuan in government investment, to ensure the steady and relatively fast economic development this year.