Inner Mongolia makes big strides in economy

(chinadaily.com.cn)

Updated: 2016-11-21

Inner Mongolia has made significant progress in boosting comprehensive strength and economy growth in the 12th Five-Year Plan (2011-2015), during which annual GDP increased by 100 billion yuan ($14.6 billion) on average.

During the period, the GDP per capita was around 11,500 dollars, one of the highest figures for Chinese provinces. In 2015, the public budget revenues increased to nearly 200 billion yuan, compared to 100 billion yuan at the end of the 11th Five-Year Plan (2006-2010).

The sustained and stable growth was aided by the boom of regional industries, including the dairy industry, the clean energy industry, the cloud computing industry, the rare earth industry, and the processing industry of organic husbandry products, front leaders in the country’s industrial sectors. Among all the local industries, the wind power, the coal-to-liquids (the CTL), and the coal-to-olefin (CTO) ranked first across the country within the energy sector.

From 2012 to 2015, the regional investment in fixed assets hit 4.52 trillion yuan, a year-on-year increase of 17.2 percent. By September, the project investment beyond 5 million yuan increased 11.8 percent compared to the same period last year.

In the Consumer Price Index (CPI), the total retail sales of consumer goods saw annual growth of 11.2 percent from 2012 to 2015; and in the last three quarters, sales of consumer goods reached a 9.6-percent-rise from a year earlier.

Also, in the energy sector, the production of energy resources, including raw coals, washed coals and charred coals fell during the last three seasons of this year, while clean energy sources like wind were exploited and utilized for energy supplies.

During the last nine months, the construction and sales of private residential properties both increased over 10 percent from a year earlier.

Hohhot, Baotou and Ordos, took the lead in the region for competitiveness, and the eastern part of the region became the major engine of economic growth from 2011 to 2015.

Since 2011, Inner Mongolia has seen a dramatic boom in its economy, culture, and society under the direction of China’s Central Government. With the new leadership, the region is now expecting more stable and sustainable development during the 13th Five-Year Plan (2016-2020).

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