Beijing delivers strong momentum in the first year of national Five-Year Plan

Beijing's economy sustained upward momentum into the 14th Five-Year Plan (2021-25) and is poised for a higher-level of development by making new targets in 2022, according to an official report.

The city has achieved a good start to the 14th Five-Year Plan in many fields. The economic structure and quality continued to be optimized and improved, said Chen Jining, mayor of the capital, at the fifth session of the Beijing Municipal People's Congress on Jan 6.

The goal for the city's GDP is set to increase by more than 5 percent and the general public budget revenue should increase by around 4 percent.

The unemployment rate in urban areas should be maintained within 5 percent.

A rise in the consumer price index will be kept at about 3 percent. Meanwhile, the income of residents should grow steadily.

There are three main reasons why the city government set the growth rate of GDP at 5 percent, said Cui Xianghua, an official from the Beijing Commission of Development and Reform.

First, thanks to the efforts from all walks of the society, Beijing's economic growth in 2021 gave a better-than-expected performance. The growth rates in the first half of the year and the first three quarters were higher than those of the whole country. This has caused a relatively high baseline for future performance.

The 5 percent target is in accordance with the potential growth that the city can achieve. It also leaves room for economic operations that may be hampered by unexpected circumstances, like the COVID-19 pandemic.

Second, driven by major debuts such as the 2022 Winter Olympic Games, Beijing Stock Exchange and new projects in Universal Beijing Resort, there is a foundation and favorable conditions for achieving higher growth.

Moreover, the 5 percent target is consistent with major goals of the city's development during the 14th Five-Year Plan. To ensure the economy operates within a reasonable range and leaves space for reform, structural adjustment and risk prevention over the next few years, the 5 percent target is reasonable.

Xu Qiang, head of the Beijing Science and Technology Commission, said that Beijing's scientific and technological innovation work witnessed a handful of achievements in 2021.

In the first three quarters of 2021, the added value of Beijing's high-tech industry accounted for 27.1 percent of the city's total GDP.

The total income of enterprises in Zhongguancun Science Park reached an estimated 8 trillion yuan ($1.3 trillion) in 2021. High-precision and cutting-edge industries are now playing a greater role in economic development.

The business revenue of enterprises engaged in new-generation information technology was 1.69 trillion yuan from January to October 2021, up 22.5 percent year-on-year. Over those 10 months, the total revenue of enterprises involved in the biomedical industry reached 409.3 billion yuan.

The Zhongguancun Forum is becoming a key event to demonstrate China's innovation and cooperation in science and technology. Zhongguancun Science Park has brought in a series of pilot reform policies.

A number of new research and development institutions have been built in the forefront of world science and technology.

There are eight new R&D institutions, which have gathered a group of high-level talent and innovation teams, especially in the fields of artificial intelligence and quantum biotechnology.

In the coming years, Beijing will strive to build itself into an international scientific and technological innovation center and become a magnet for global talent. Beijing is building up three national-level laboratories. Meanwhile, Huairou Science City is striving to become a world-class innovation hub. Apart from economic development and scientific and technological innovation, the city will focus on improving people's livelihoods in 2022. "We will keep the people's livelihoods in mind, providing practical services for them and constantly enhancing the people's sense of happiness and security," said the mayor.

Representatives attend the fifth session of the 15th Standing Committee of the Beijing Municipal People's Congress on Jan 6. HE GUANXIN/FOR CHINA DAILY