Beijing's total GDP in the January-June period reached 123.367 billion yuan (about US$14.86 billion), the BEN report quoted the city's Bureau of Statistics as saying.

New and high-tech industries have attributed over 60 percent to the city's overall industrial growth. While production of mobile communication equipment was up by 7.4 percent on an annual basis, that of mobile phones was doubled. Production of personal computers and displays was up by over 50 percent respectively.

Investment in the real estate industry during the January-June period took up a historic 50 percent of the city's total investment. The 60 key construction projects involved an investment of 15.24 billion yuan (about US$1.83 billion), 34.5 percent of which was used in renovating old houses and building economical apartments to meet the needs of the low income group.

Overseas investment in the real estate sector was also on the rise. The United States alone injected over US$100 million during the first six months of this year.

While prizes were on the decline, retail of food, clothing and other commodities concerning the citizen's daily life rose significantly.

Statistics show that by the end of June, the savings of the Beijing residents increased 120 percent year-on-year to 315.42 billion yuan (about US$38 billion).

(People's Daily 07/18/2001)