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Harbin’s economy sees positive growth in first 3 quarters after bumpy start

Updated : 2020-11-04

By ( e.my399.com )

In the first three quarters of this year, the growth rate of Harbin's main economic indicators continued to rebound, and the pace of recovery was significantly accelerated, according to information released at an executive meeting of Harbin’s municipal government.

In the third quarter, Harbin’s GDP turned from negative to positive, with a year-on-year growth of 4.3 percent.

From January to September, the city completed 71.18 billion yuan ($10.18 billion) in fixed-asset investment. The growth rate has changed from a decline of 11.8 percent in the first half of the year to a positive increase of 0.5 percent.

In the first nine months of the year, 321 provincial and municipal key projects in Harbin have resumed work, with a resumption rate of 95.8 percent. These projects completed a total investment of 31.15 billion yuan, driving the city’s fixed-asset investment growth by 1.8 percentage points.

In the same period, Harbin received 3.11 billion yuan in investment and 21.5 billion yuan in special bond funds from the central budget, twice and 2.2 times the total amount in 2019.

Meanwhile, the consumption demand of Harbin residents has accelerated. Driven by the launch of government consumer coupons, online retail sales in September increased by 14.9 percent. 

During the National Day holiday, the number of tourists and tourism income returned to the same period from the previous year.

In September, Harbin's general public budget revenue increased by 19.5 percent year-on-year, the highest level from the same period over the past five years.