China's economy kicked off 2024 on a solid footing, with stable and optimized business operations propelling a robust first quarter. According to Chinese Vice Commerce Minister Guo Tingting, the country's GDP saw a 5.3% year-on-year increase, spurred predominantly by consumer spending.
Consumer expenditure accounted for a substantial 73.7% of the GDP growth, contributing an impressive 3.9 percentage points. Sales of upgraded consumer goods experienced rapid growth, underscoring consumption as a key engine driving economic expansion.
Trade activity also surged, reaching a record high of 10.2 trillion yuan ($1.43 trillion) in the first quarter. This marks a 5% growth rate—the highest in six quarters—with net exports contributing 14.5% to the economic upturn. Additionally, trade among Belt and Road Initiative participant countries grew by 5.5%, while trade with developed markets, including significant improvements with the U.S., saw marked increases compared to the previous year.
These positive indicators reflect China's ongoing economic recovery, supported by vibrant markets and strategic international trade partnerships.
Reference(s):
China's Q1 data shows stable, optimized business operations: MOFCOM
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