Since China ever won the bid for hosting the 2008 Olympic Games on July 13, 2001, six years have passed. During these six years, economy in Beijing has made rapid development. The fiscal revenues for Beijing municipal government have grown year on year. The capital has taken a facelift in its city construction and consumption market is prosperous. Local residents in Beijing have benefited from the Olympic economy, the Beijing Evening News reported.
From 2001 to 2006, Beijing's economy grew at an annual rate of 12.2%, which was 1.4 percentage points higher than the economic growth rate between 1997 and 2001. From January to September this year, economic growth rate in Beijing reached 12.6%. The per capita GDP in Beijing (based on the city's permanent residents population) has climbed from 3,000 US dollars to 6,331 US dollars. Based on the criteria issued by the World Bank, Beijing's socio-economic development is graded as at the upper-middle level in the world.
In 2006, the average annual wage for Beijing city workers was 40,117 yuan, which was 20,962 yuan more than in 2001, increasing by 109.4%. If inflation factor is allowed for, annual wage increase was 15.7% in real terms.
Since 2002, the total mileage for newly constructed roads has reached 1,000 kilometers. Beijing has basically built a highway network within the city. All the nine counties in the suburbs of Beijing are connected to the downtown area by highways.
In 2006, Beijing had 241 days whose air quality was rated as in or over the second grade. The number of days whose air quality was rated as in or over the second grade increased by 56 days compared with 2001.
Statistics show that in 2006, Beijing residents' annual disposable income per capita reached 19,978 yuan, increasing by 72.6% from 2001. Allowing for inflation factor, the actual growth of people's annual disposable income reached 11.1%. The Engel coefficient index dropped substantially. In 2006, the Engel coefficients for Beijing urbanites and farmers reached 30.8% and 32%, respectively, which fell by 5.4 percentage points and 3 percentage points, respectively, compared with 2001. According to the standards released by the Food and Agriculture Organization of the United Nations, this shows that Beijing residents' living standards have passed the "well-off" standard to reach the "relatively prosperous" stage.
Beijing residents' consumption structure has improved greatly. Nowadays, people in the capital spend more on buying luxury items, such as cars, houses, or things related with leisure and entertainment activities.