China's economy has made a strong start to the year, continuing its recovery trajectory with impressive growth figures in the first quarter. According to officials from the National Development and Reform Commission (NDRC), several key indicators highlight the nation's economic resilience and strategic advancements.
Impressive Macroeconomic Growth
The first quarter saw China's GDP grow by 5.3% year-on-year, reflecting a stable and improving economic landscape. Industrial added value rose by 6%, while fixed asset investment increased by 4.5%. Additionally, the total value of goods imports and exports denominated in RMB grew by 5%, with exports up by 4.9%, marking a significant rise from the previous quarter.
Regional Stability and Enhancement
Economic strength remains concentrated in eastern provinces like Guangdong, Jiangsu, Shandong, and Zhejiang. Key regions such as the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area are leading the way. In the central and western regions, high-tech manufacturing in Anhui and Hubei provinces surged by over 20%, while Sichuan's high-tech industry investment grew by 17.7%.
Boost in Industries and Enterprises
Operating efficiencies have improved, with industrial enterprises above designated sizes seeing profits rise by 4.3% year-on-year. The Purchasing Managers' Index (PMI) for manufacturing stood at 50.4%, indicating steady growth. Emerging sectors such as 3D printing, service robotics, and new energy vehicles experienced significant expansions, growing by over 25% in the first quarter.
Enhanced Residents' Livelihoods
Employment opportunities have increased, with over three million new urban jobs created, reducing the urban unemployment rate to 5.2%. Residents' disposable incomes grew by 6.2% year-on-year, outpacing economic growth and supporting consumer confidence and spending.
Unified National Market and Innovation
Efforts to build a unified national market are underway, aiming to boost domestic circulation and establish a new development pattern. This strategy is pivotal in unlocking domestic demand and sustaining economic recovery. The NDRC is actively promoting industry innovation and accelerating infrastructure projects to support high-quality development.
New Energy Vehicles on the Rise
The new energy vehicle sector continues to thrive, with production and sales exceeding 2 million units each, marking year-on-year increases of over 28%. The market is seeing an influx of new models, supported by both domestic and international companies focusing on innovation and consumer demand. Infrastructure developments are also progressing to support this high-growth industry.
Overall, China's economy is demonstrating positive momentum with increasing growth factors, improved social expectations, and steady advancements in high-quality development. Officials are optimistic about consolidating these trends to achieve annual economic goals with sustained high performance.
Reference(s):
NDRC: China's economy continues to recover and improve in Q1
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