Beijing reports steady socioeconomic, cultural development

Beijing's economy continues to grow steadily, while the city strengthens its position as a cultural and innovation hub, according to a series of think tank reports released Thursday by the Beijing Academy of Social Sciences.

One report entitled "China Capital Development Report (2024-2025)" shows that from 2010 to 2023, Beijing's overall development index, urban performance, and coordination between capital functions and urban growth have all steadily improved. 

Cultural development is also accelerating. Another report, "Beijing Cultural Development Report (2024-2025)," highlights the city's growing strength in integrating traditional and modern culture, promoting the application of technology in cultural sectors, expanding public access to culture, and enhancing soft power. In 2024, cultural enterprises above designated size in the city brought in 2.3 trillion yuan ($320.9 billion) in revenue, a 6.6% increase year on year.

Meanwhile, according to "Beijing International Exchange Center Development Report (2024-2025)," the city has improved its performance in international rankings, and its progress in smart city development and consumer modernization reflects a high level of internationalization.

Efforts to build Beijing into an international hub for technological innovation are also paying off. The city is seeing success in integrating digital technologies with traditional industries. It also ranks among the top cities in China for tech finance, with strong capabilities in innovation, industrial incubation, and applying technological advances.

According to Deng Lishu, editor-in-chief of "Beijing Economic Development Report (2024-2025)" and a researcher at the Beijing Academy of Social Sciences, Beijing's economy is entering a key phase of stabilization and recovery in 2025. Demand is expected to remain generally stable, while new growth drivers continue to build momentum. The layout of industrial and supply chains in advanced manufacturing is becoming more refined. The digital economy is evolving rapidly, and "AI+" applications are gradually being translated into real productivity. At the same time, the service sector will continue to play a stabilizing role in overall economic growth.

Beijing saw a remarkable improvement in consumer spending patterns in 2024, said Bao Lufang, editor-in-chief of "Beijing Social Development Report (2024-2025)" and director of the Institute of Sociology at the Beijing Academy of Social Sciences. As the economy, industries, and demographics evolve, emerging and diverse consumption trends - such as pet-related spending, green consumption, and products and services geared toward the elderly - are increasingly catering to more segmented needs, Bao said.

Beijing is also working to become a more inclusive city for new types of workers. In 2024, the share of labor compensation in per capita disposable income continued to rise, reflecting the effective implementation of employment-first policies. The city is improving its employment service system while fostering new industries, business models, and job categories to stabilize and expand employment opportunities.