Baotou's economy makes steady progress in first 5 months

According to the Baotou bureau of statistics, Baotou's economy has shown steady progress with the acceleration of new quality productive forces from January to May.

Steady Growth in Industrial Economy

From January to May, the added value of industries above designated size increased by 15 percent year-on-year, marking 45 consecutive months of double-digit growth.

The added value of steel, aluminum, equipment manufacturing, rare earth, electric power, and crystalline silicon photovoltaic industries increased by 2.0 percent, 8.9 percent, 48.8 percent, 33.4 percent, 5.1 percent, and 33.2 percent year-on-year, respectively. The rare earth and crystalline silicon photovoltaic industries combined contributed 13.1 percentage points to the growth of the added value of industries above designated size, driving the stable growth of the industrial economy.

Strong Pull from Investment

From January to May, total fixed asset investment in the city increased by 21.9 percent year-on-year, which is 17.9 and 6.3 percentage points higher than the national (4.0 percent) and regional (15.6 percent) averages, respectively.

Since the beginning of this year, investment in the city's new energy industry has increased by 31.5 percent year-on-year, increasing overall investment growth by 14.5 percentage points.

Stable Operation of the Consumer Market

From January to May, the city's total retail sales of consumer goods amounted to 42.39 billion yuan ($5.83 billion), an increase of 3.7 percent year-on-year. The retail sales of new energy vehicles in the city increased by 32.2 percent year-on-year, retail sales of smart home appliances and audiovisual equipment increased by 31.5 percent, and retail sales of smartphones increased by 40.1 percent.