China's economy kicked off 2024 with impressive momentum, recording a 5.3% year-on-year growth in the first quarter, according to data released by the National Bureau of Statistics (NBS).
The country's gross domestic product (GDP) reached 29.63 trillion yuan ($4.17 trillion), signaling a robust start to the year. Key indicators revealed strong performance across various sectors:
- Value-Added Industrial Output: Increased by 6.1%, highlighting active enterprise performance.
- Retail Sales of Consumer Goods: Rose by 4.7%, reflecting heightened consumer spending.
- Fixed-Asset Investment: Grew by 4.5%, indicating sustained investment in infrastructure and development.
- Urban Unemployment Rate: Averaged 5.2%, a decrease of 0.3 percentage points from the previous year, showcasing improving employment conditions.
Sheng Laiyun, deputy director of the NBS, commented on the positive trends, noting a surge in production demand, stable employment and prices, and strengthened market confidence.
Economic analysts are optimistic about China's growth trajectory. Bruce Pang, chief economist at JLL Greater China, pointed out that the economy's expansion surpassed first-quarter forecasts despite a high base effect. He emphasized that continued policy support for equipment investment and product renewal is expected to bolster domestic demand, keeping China's annual GDP target around 5% within reach.
Raymond Yeung, chief economist for Greater China at ANZ Bank, echoed the positive outlook, highlighting that structural reforms have spurred consumer spending, particularly in the early months of the year. Based on the strong first-quarter results, ANZ has raised its growth forecast for China in 2024.
The sustained economic growth underscores China's resilience and adaptability in navigating global economic challenges, positioning it as a key player in the emerging markets landscape.
Reference(s):
cgtn.com
