During the 11th Five-Year Plan (2006-2010) period, Beijing's consumption rate overtook the investment rate for the first time and consumption is becoming a strong driving force of economic growth, according to a press conference of the city's commission on development and reform on Tuesday.
The blue book on city competitiveness in 2010 released by the China Academy of Social Sciences shows Beijing's shopping environment competitiveness is only next to Hong Kong and is ranked first among mainland cities.
Beijingers are most willing to spend money on cars, electronic products, gold, sliver, jewelry and entertainment.
In 2009, every one hundred households have 29.6 cars, 97 PCs, and 212.7 mobile phones. Investment in gold, silver and jewelry in 2009 reached 12 billion yuan, 3.5 times that of 2005; per capita expenditure of urban residents on culture and entertainment stood at 909 yuan, about 1.5 times that of 2005. In 2008 alone, the sales of gold in Beijing's Caishikou Department Store, a well-known retailer of gold and jewelry in Beijing, amounted to 16 tons.
Card consumption is increasingly popular in retail sales, accounting for more than half of the retail sales volume of social consumer goods.
Statistics released by the Beijing commission of development and reform show the total retail sales volume of social consumer goods in 2009 exceeded the combined figures of Tianjin and Chongqing and reached nearly 531 billion yuan, 1.8 times that of 2005. Beijing ranked first in retail sales volume of social consumer goods for two consecutive years.
During the 11th Five-Year Plan, investment and consumption have undergone a fundamental change in Beijing's economic status, with the consumption rate increasing from 50 percent in 2005 to 55.6 percent in 2009. In 2006, the consumption rate surpassed the investment rate for the first time, and the former is 12.3 percentage points higher than the latter in 2006.
By Liang Jun, People's Daily Online
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