In the face of a complex and challenging international environment, China’s economy has demonstrated remarkable resilience in the first quarter of 2024. Market confidence is on the rise, and bustling consumer activity indicates a clear trend of economic recovery and improvement.
The National Bureau of Statistics reported that various economic indicators have continued to rebound. Gross Domestic Product (GDP) in the first quarter increased by 5.3 percent year-on-year, an improvement of 0.8 percentage points compared to the same period last year. This robust growth lays a solid foundation for achieving China’s annual economic targets.
Industrial production has shown steady increases, with the value-added output of industrial enterprises above the designated size growing by 6.1 percent year-on-year, 1.5 percentage points higher than the previous year. High-tech industries have seen rapid investment growth, nurturing new productive forces and strengthening the quality of economic development. Moreover, profits have rebounded in key sectors such as equipment manufacturing and high-tech manufacturing, effectively enhancing development momentum.
Despite challenges such as escalating trade protectionism, intensifying geopolitical conflicts, and persistently weak external demand, China’s total goods trade reached 10.17 trillion yuan (approximately $1.4 trillion) in the first quarter. This represents a year-on-year growth of 5 percent and marks the first time in history that the figure has surpassed 10 trillion yuan at this time of the year. This achievement, a new high in six quarters, demonstrates the strong vitality and resilience of China’s export-oriented economy.
The positive economic performance reflects China’s efforts to navigate global uncertainties while pursuing sustainable growth. As the world grapples with shifting trade dynamics and geopolitical tensions, China’s steady economic recovery offers a stabilizing influence on the global economy.
Analysts attribute China’s resilience to ongoing economic reforms, investments in high-tech industries, and expanding domestic consumption. The government’s focus on innovation and high-quality development has bolstered key sectors, fostering an environment conducive to growth despite external pressures.
Looking ahead, China’s continued commitment to opening up and international cooperation is expected to further enhance its economic prospects, contributing to global economic stability and development.
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Q1 economic data highlights China's strong economic resilience
cgtn.com
