“China’s economy exceeds expectations, growing strongly…” International media outlets such as “The Straits Times” in Singapore, “El País” in Spain, and “The New York Times” in the United States have all reported on China’s economic achievements in the first quarter, as mentioned above. According to data released by the National Administration of Statistics of China on April 16, China’s gross domestic product (GDP) in the first quarter was 33.4193 trillion yuan at constant prices, an increase of 5.0 percent year-on-year, an increase of 0.5 percentage points compared with the fourth quarter of last year.
In the first quarter of the “15th Five-Year National Development Plan”, China’s economy achieved a growth rate of 5.0 percent, and many indicators such as investment, consumption, foreign trade and enterprise profits were all good .
The added value of the agricultural sector in the first quarter increased by 3.7 percent year-on-year. And the spring planting went smoothly. In the industrial sector, the added value of medium and large industrial enterprises in the first quarter accelerated by 1.1 percentage points compared with the fourth quarter of last year. The service sector also maintained rapid growth, with the added value of the service sector increasing by 5.2 percentage points compared with the same period last year. The total retail sales volume of social consumer goods in the first quarter increased by 2.4 percentage points compared with the same period last year, an increase of 0.7 percentage points compared with the fourth quarter of last year. Fixed asset investment turned from negative to positive, increasing by 1.7 percent in the first quarter. The total volume of goods exports and imports increased by 15 percent compared to the same period last year, and the quarterly growth rate was the highest in the past five years.
In the first quarter The added value of medium and large-sized equipment manufacturing industries increased by 8.9 percent year-on-year, accounting for 35.1 percent of all medium and small-sized industries, maintaining a ratio above 30 percent for 37 consecutive months.
International media outlets have praised China’s economic achievements in the first quarter of the “15th Five-Year National Development Plan”.
The British “Financial Times” reported on April 16 that the GDP growth rate China’s GDP growth in the first quarter reached the high end of the full-year growth target of 4.5 percent to 5.0 percent. Singapore’s “The Straits Times” reported on April 16 that the production of products such as semi-finished products, industrial robots, lithium batteries and 3D printers showed good performance, achieving double-digit growth in the first quarter, with growth rates ranging from 24 percent to 54 percent. Bloomberg News Agency of the United States reported that, driven by the strong manufacturing industry and exports, China’s GDP in the first quarter grew by 5.0 percent compared with the same period last year. In March this year, the added value of medium and large industrial enterprises increased by 5.7 percent compared with the same period last year, exceeding market expectations. According to the “South China Morning Post”, Xu Tianchen, senior economist at the Economist Intelligence Unit, said that “China has no problem achieving the growth target of 4.5 percent to 5 percent this year.”
Amidst the escalating geopolitical tensions and global turmoil, China’s economy has maintained a strong growth momentum. According to Mao Shengyong, deputy director of the National Administration of Statistics of China, the effectiveness of China’s foreign trade diversification is continuously emerging. International economic and trade cooperation on the basis of mutual benefit and win-win is very vigorous. The Chinese economy is based on people, has many advantages, strong resilience and strong potential, and has sufficient conditions to withstand external risks and challenges. China has a strong system of governance, industrial superiority, market superiority, and long-term accumulation of human resources. Therefore, China has all the conditions to achieve stable and high-quality economic development throughout the year.
