Ordos economy rebounds in post-epidemic period

Updated: 2020-09-24 Print

An economic rebound is underway in Ordos city in North China’s Inner Mongolia autonomous region despite the lingering impact of the novel coronavirus outbreak, according to information from Ordos’ government.

Statistics show that from January to August, the added value of the city’s industrial enterprises above designated size – industrial enterprises with a primary business income of more than 20 million yuan ($2.90 million) annually – fell by 11.6 percent year-on-year, and the growth rate dropped 0.3 percentage points from that in July.

As the pillar industry of the city's economy, the coal industry has directly impacted the city's total industrial volume and growth rate due to the decline in production.

From January to August, there were 201 coal enterprises above designated size in the city, accounting for 43.9 percent of the city’s total industrial enterprises above designated size.

The cumulative production of raw coal was 39.75 million metric tons, a year-on-year decrease of 66.95 million tons or 14.4 percent.

In August, the fixed asset investment in Ordos turned from negative to positive. The city's fixed-asset investment increased by 0.2 percent year-on-year, up 15.2 percentage points from the previous month, and the investment growth rate turned positive for the first time this year.

Meanwhile, the city’s fiscal revenue decline has not affected the city’s focus on guaranteeing people's livelihood expenditures. From January to August, the city's livelihood expenditure was 18.62 billion yuan, a year-on-year increase of 2.7 percent, accounting for 52.49 percent of general public budget expenditures. 

In the same period, public electricity consumption was 52.35 billion kWh, an increase of 7.4 percent. In comparison, industrial power consumption was 47.29 billion kWh, an increase of 6.4 percent. Meanwhile, financial deposits and loans grew steadily.

As of the end of August, the deposit balance of financial institutions was 403.75 billion yuan, a year-on-year increase of 1.1 percent, and the loan balance was 339.44 billion yuan, a year-on-year increase of 3.4 percent.