Baotou city in North China's Inner Mongolia autonomous region. [Photo/WeChat account of Baotou Daily]

In the first three quarters of 2023, Baotou has made steady and rapid progress, enhanced endogenous growth momentum, and sustained innovation-driven development.

The city's GDP growth rate has climbed each quarter, with a GDP of 310.3 billion yuan ($42.43 billion) in the first three quarters, representing a year-on-year increase of 10.1 percent. The industrial sector has maintained strong growth momentum, with a year-on-year increase of 23.7 percent in value-added for industrial enterprises above a certain scale, and growth in output across multiple industries.

During the first three quarters, Baotou saw an increase in both the quantity and quality of investments. Its fixed asset investment continued to expand, with a year-on-year growth of 38.9 percent. Consumer spending in the city rebounded, with a 5.5-percent year-on-year increase in the total retail sales of consumer goods. The automotive and online retail sectors performed particularly well.

The city's export-oriented economy also continued to grow, with a year-on-year increase of 18.5 percent in the total value of imports and exports.

Emerging industries in the city experienced rapid development. The photovoltaic manufacturing and rare earth industries saw significant growth in value-added. Innovative resources are being concentrated, resulting in a 44-percent increase in the value-added of emerging industries and a 64.9-percent year-on-year growth in high-tech investments.

Efforts in intensive development are beginning to yield results, with a 7.1-percent increase in electricity generation by industrial enterprises and an 11.5-percent growth in new energy generation.

These data indicated significant economic progress and development momentum in various sectors in Baotou, providing a solid foundation for its continued growth and development.