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Economic overview

2020-03-03 (chinadaily.com.cn)

The Inner Mongolia autonomous region has achieved steady economic development. Six key industries - energy, metallurgy and construction materials, agricultural and livestock products, chemicals, equipment and high technology - are playing a vital role in this development. 

According to preliminary calculations, Inner Mongolia’s regional GDP in 2019 increased by 5.2 percent compared with the previous year and its fixed asset investments increased by 6.8 percent year-on-year, according to local officials.

The general public revenue budget grew by 10.9 percent during the same period and per capita disposable income of urban and rural residents grew by 6.5 percent and 10.7 percent, respectively.

Due to the implementation of tax and fee reduction policies, Inner Mongolia reduced the burden by 41 billion yuan ($5.9 billion) on various market entities. The asset-liability ratio of industrial enterprises above a designated size – those with annual revenue of 20 million yuan or more – decreased by 2.3 percentage points year-on-year and profit increased by 3.2 percent.

In industry development, the output of computer, communications and other electronic equipment manufacturers increased by 58.6 percent compared with that in 2018 and the output of rare earth compounds, graphite and carbon products increased by 11.4 percent and 9.6 percent, respectively.

The modern service industry accelerated its development, with total tourism industry revenue growing by 12 percent year-on-year.

The growth of deposits and loans at financial institutions surged against 2018, with direct financing reaching 185.7 billion yuan, double that of the previous year.