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Inner Mongolia shows positive economic momentum in Jan-Feb

2024-03-27 (goinnermongolia.com.cn)

The overall economy of North China's Inner Mongolia autonomous region maintained a positive development trend in the first two months of this year, according to the region's bureau of statistics.

Industry serves as the cornerstone for ensuring sustained and healthy economic growth. From January to February, the added value of industries above a designated size in Inner Mongolia, including high-tech manufacturing, increased by 7 percent year-on-year.

Investment plays a crucial role in stabilizing economic operations. Thanks to a series of measures to stabilize investment, the region's fixed asset investment (excluding rural households) grew by 31.8 percent year-on-year in January and February.

Specifically, investment in high-tech manufacturing more than doubled, while investment in high-tech services surged by 55.9 percent year-on-year. Also, investment in the new energy industry in the region saw a 69.9-percent year-on-year increase.

Consumer spending acts as the primary engine for driving economic growth. Since the beginning of this year, the region's market sales have continued to recover, and the potential for service consumption remains robust.

From January to February, the total retail sales of consumer goods in the region reached 91.38 billion yuan ($12.66 billion), marking an increase of 3.27 billion yuan compared to the same period last year.