After maintaining double-digit growth for 10 years, Beijing's economy has shown a marked downward trend this year and faces an increasing risk of further slowing down, said Yu Xiuqin, Deputy Director of the Beijing Municipal Bureau of Statistics, at the Beijing Economic Development Forum on November 11.
Statistics released by Mei Song, Deputy President of the Beijing Academy of Social Sciences, indicate that Beijing's economic growth in the third quarter was lagging behind the national average.
Beijing's GDP growth rate reached 11.3% in the first quarter this year, 11% in the first half, and 9.1% during the first three quarters. While, the average national GDP growth rate stood at 10.6% in the first quarter this year, 10.4% in the first half, and 9.9% during the first three quarters.
During the first two quarters this year, Beijing's GDP growth rate remained higher than the national average but it slid rapidly in the third quarter.
Yu deemed that the economic slowdown of Beijing was mainly affected by the industrial, real estate and financial sectors which had dragged down economic growth by 3.5 percentage points this year.
By People's Daily Online
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