Beijing } Beijing ( ; ; ), Chinese postal romanization, alternatively romanized as Peking ( ), is the Capital city, capital of the China, People's Republic of China. It is the center of power and development of the country. Beijing is the world's Li ...

's economy ranks among the most developed and prosperous cities in China. In 2013, the municipality's nominal gross domestic product (GDP) was CN￥1.95 trillion (US$314 billion). It was about 3.43% of the country's total output, and ranked 13th among province-level administrative units.GDP-2013 are quarterly figures according to provisional data of China NBS
China NBS National DATA - quarterly figures (中文)
o
China Statistical database - Quarterly Data (English)
); the comparable data of the world economies sources materials fro
IMF - WEO - Database April 2014
the annual average exchange rate CN￥6.1932 to USD 1 in 2013; for

purchasing power parity Purchasing power parity (PPP) is the measurement of prices in different countries that uses the prices of specific goods to compare the absolute purchasing power of the countries' currencies. PPP is effectively the ratio of the price of a bask ...

, CNY 4.247 is equal to intl$.1 in 2013 according t
IMF - WEO - Database April 2014
Per capita GDP, at CN￥93,213 (US$15,051) in nominal terms and Int $21,948 at

, was 2.2 times the national average and ranked

second The second (symbol: s) is the unit of time in the International System of Units (SI), historically defined as of a day – this factor derived from the division of the day first into 24 hours, then to 60 minutes and finally to 60 seconds ea ...

among province-level administrative units.GDP per capita figures are according to th
''2013 Statistical Communiqué of the provinces on National Economic and Social Development''
, The annual average exchange rate is CNY 6.1932 per US dollar;

(PPP) figures are according t
April 2014 IMF data
CNY 4.247 is equivalent to Intl. $ 1. As of 2021, Beijing's gross regional products was CN￥4 trillion ($ 965 billions in GDP PPP), ranking among the 10th largest metropolitan economies in the world. Beijing's

nominal GDP Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...

is projected to reach US$1.1 trillion in 2035, ranking among the top 10 largest cities in the world (together with

Shanghai Shanghai (; , , Standard Chinese, Standard Mandarin pronunciation: ) is one of the four Direct-administered municipalities of China, direct-administered municipalities of the China, People's Republic of China (PRC). The city is located on the ...

Guangzhou Guangzhou (, ; ; or ; ), also known as Canton () and Chinese postal romanization, alternatively romanized as Kwongchow or Kwangchow, is the Capital city, capital and largest city of Guangdong Provinces of China, province in South China, sou ...

and

Shenzhen Shenzhen (; ; ; ), also historically known as Sham Chun, is a major sub-provincial city and one of the special economic zones of China. The city is located on the east bank of the Pearl River estuary on the central coast of southern provi ...

in China) according to a study by Oxford Economics, and its nominal GDP per capita is estimated to reach US$ 45,000 in 2030.

Nature of Economy in Beijing

The city has a post-industrial economy that is dominated by the

tertiary sector The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the second ...

(services), which generated 76.9% of output, followed by the

secondary sector In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construc ...

(manufacturing, construction) at 22.2% and the

primary sector The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. The primary sector tends to make up a larger portion of the economy ...

(agriculture, mining) at 0.8%. The economy, which tripled in size from 2004 to 2012,"Jones Lang LaSalle Research Report -- Five years after the Olympics -- Growth in Beijing has continued, what to expect next?"
August 2013 grew at an annual rate of 7.7% in 2013.(Chinese

2014-02-13 Owing to the concentration of

state owned enterprises A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the government ...

in the national capital, Beijing in 2013 had more

Fortune Global 500 The ''Fortune'' Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by ''Fortune'' magazine. Methodology Until 1989, it listed onl ...

Company headquarters than any other city in the world. Beijing has been described as the "

billionaire A billionaire is a person with a net worth of at least one billion (1,000,000,000, i.e., a thousand million) units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. The American busi ...

capital of the world" since overtaking New York in 2016. In 2012,

PricewaterhouseCoopers PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounti ...

rated Beijing's overall economic influence as No. 1 in China. Beijing is home to 54

companies, the most in the world, and over 100 of the largest companies in China. Finance is one of the most important industries. By the end of 2007, there were 751 financial organizations in Beijing generating revenue of 128.6 billion RMB, 11.6% of the total financial industry revenue of the entire country. That also accounts for 13.8% of Beijing's GDP, the highest percentage of any Chinese city. In the 2020

Global Financial Centres Index The Global Financial Centres Index (GFCI) is a ranking of the competitiveness of financial centres based on over 29,000 financial centre assessments from an online questionnaire together with over 100 indices from organisations such as the World ...

, Beijing was ranked as having the 7th most competitive financial center in the world and fifth most competitive in Asia (after

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.46 ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...

and

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

GDP of Beijing

In 2010, Beijing's nominal GDP reached 1.37 trillion RMB. Its per capita GDP was 78,194 RMB. In 2009, Beijing's nominal GDP was 1.19 trillion RMB (US$174 billion), a growth of 10.1% over the previous year. Its GDP per capita was 68,788 RMB (US$10,070), an increase of 6.2% over 2008. In 2009, Beijing's primary, secondary, and tertiary industries were worth 11.83 billion RMB, 274.31 billion RMB, and 900.45 billion RMB respectively. Urban

disposable income Disposable income is total personal income minus current income taxes. In national accounts definitions, personal income minus personal current taxes equals disposable personal income. Subtracting personal outlays (which includes the major ...

per capita was 26,738 yuan, a

real Real may refer to: Currencies * Brazilian real (R$) * Central American Republic real * Mexican real * Portuguese real * Spanish real * Spanish colonial real Music Albums * ''Real'' (L'Arc-en-Ciel album) (2000) * ''Real'' (Bright album) (2010) ...

increase of 8.1% from the previous year. Per capita pure income of rural residents was 11,986 RMB, a real increase of 11.5%. The Engel's coefficient of Beijing's urban residents reached 31.8% in 2005, while that of the rural residents was 32.8%, declining 4.5 and 3.9 percentage points respectively compared to 2000. , Beijing'

Nominal GDP Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...

was US$458 billion ( CN￥3.0 trillion), about 3.45% of the country's GDP and ranked 12th among province-level administrative units; its Nominal GDP per capita was US$21,261 (CN￥140,748) and ranked the

1st First or 1st is the ordinal form of the number one (#1). First or 1st may also refer to: *World record, specifically the first instance of a particular achievement Arts and media Music * 1$T, American rapper, singer-songwriter, DJ, and reco ...

in the country.''Historical GDP of Beijing'' published on Beijing Statistical Yearbook 2017, ALSO se
Beijing'GDP Revison (Chinese)
(10 October 2017) Beijing's real estate and automobile sectors have continued to boom in recent years. In 2005, a total of of housing real estate was sold, for a total of 175.88 billion RMB. The total number of cars registered in Beijing in 2004 was 2,146,000, of which 1,540,000 were privately owned (a yearly increase of 18.7%). The

Beijing central business district The Beijing central business district, or Beijing CBD (), is a central business district and the primary area for finance, media, and business services in Beijing, China. Beijing CBD occupies 3.99 km2 of the Chaoyang District on th ...

(CBD), centered on the Guomao area, has been identified as the city's new central business district, and is home to a variety of corporate regional headquarters, shopping precincts, and high-end housing.

Beijing Financial Street Beijing Financial Street (BFS) () is where Chinese regulatory agencies are located. It is located inside Beijing's innermost 2nd Ring Road. According to the 13th 5 years plan, Beijing Financial Street will be positioned more towards a regulat ...

, in the Fuxingmen and

Fuchengmen Fuchengmen (; Manchu:;Möllendorf:elgiyen i mutehe duka) was a gate on the western side of Beijing's city wall. The gate was torn down in the 1960s, and has been replaced by the Fuchengmen overpass on the 2nd Ring Road. Fuchengmen Station is a ...

area, is a traditional financial center. The Wangfujing and Xidan areas are major shopping districts.

Zhongguancun Zhongguancun () is a major technology hub in Haidian District, Beijing, China. Zhongguancun occupies a band between the northwestern Third Ring Road and the northwestern Fourth Ring Road, in the northwestern part of Beijing. Zhongguancun is ...

, dubbed "China's Silicon Valley", continues to be a major center in

electronics The field of electronics is a branch of physics and electrical engineering that deals with the emission, behaviour and effects of electrons using electronic devices. Electronics uses active devices to control electron flow by amplification ...

and computer-related industries, as well as

pharmaceuticals A medication (also called medicament, medicine, pharmaceutical drug, medicinal drug or simply drug) is a drug used to diagnose, cure, treat, or prevent disease. Drug therapy ( pharmacotherapy) is an important part of the medical field and re ...

-related research. Meanwhile, Yizhuang, located to the southeast of the urban area, is becoming a new center in pharmaceuticals, information technology, and materials engineering. Shijingshan, on the western outskirts of the city, is among the major industrial areas. Specially designated industrial parks include Zhongguancun Science Park, Yongle Economic Development Zone, Beijing Economic-technological Development Area, and Tianzhu Airport Industrial Zone. Agriculture is carried on outside the urban area, with wheat and maize (corn) being the main crops. Vegetables are also grown closer to the urban area in order to supply the city.

Wage and Labor in Beijing

Like the country as a whole, Beijing also falls under the jurisdiction of minimum wage which stands at RMB 2,200. Due to the Covid Pandemic Situation the minimum wage was not adjusted in the year 2020.

Counterfeit Markets

Less legitimate enterprises also exist. Urban Beijing is known for being a center of infringed goods; anything from the latest designer clothing to DVDs can be found in markets all over the city, often marketed to expatriates and international visitors.

Environmental Aspect

The development of Beijing continues at a rapid pace, and the vast expansion has created a multitude of problems for the city. Beijing is known for its smog as well as the frequent "power-saving" programmes instituted by the government. To reduce air pollution, a number of major industries have been ordered to reduce emissions or leave the city. Beijing Capital Steel, once one of the city's largest employers and its single biggest polluter, has been relocating most of its operations to

Tangshan Tangshan () is a coastal, industrial prefecture-level city in the northeast of Hebei province. It is located in the eastern part of Hebei Province and the northeastern part of the North China Plain. It is located in the central area of the Boha ...

, in nearby

Hebei Hebei or , (; alternately Hopeh) is a northern province of China. Hebei is China's sixth most populous province, with over 75 million people. Shijiazhuang is the capital city. The province is 96% Han Chinese, 3% Manchu, 0.8% Hui, and ...

Province. Beijing is increasingly becoming known for its innovative entrepreneurs and high-growth

startup companies A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend t ...

. This culture is backed by a large community of both Chinese and foreign

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which h ...

firms, such as

Sequoia Capital Sequoia Capital is an American venture capital firm. The firm is headquartered in Menlo Park, California, and specializes in seed stage, early stage, and growth stage investments in private companies across technology sectors. , Sequoia's total ...

, whose head office in China is in Chaoyang, Beijing. Though Shanghai is seen as the economic center of China, this is typically based on the numerous large corporations based there, rather than for being a center for

entrepreneurship Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values t ...

References