China’s economy has kicked off the year with a strong performance, showcasing stable business operations and structural optimization in the first quarter, according to Chinese Vice Commerce Minister Guo Tingting.
Speaking at a media conference on Friday, Guo highlighted that these positive trends are contributing significantly to the country’s ongoing economic recovery. The Chinese mainland registered a 5.3 percent year-on-year increase in GDP for the quarter.
Consumer spending emerged as a primary driver, accounting for 73.7 percent of the GDP growth and propelling it upward by 3.9 percentage points. The surge in sales of upgraded consumer goods underscores the role of consumption as a key engine of economic expansion.
Trade also exhibited robust growth, with the volume of goods traded reaching a record high of 10.2 trillion yuan (approximately $1.43 trillion) in a single quarter—a 5 percent increase, marking the highest growth rate in six quarters. Net exports contributed 14.5 percent to economic growth, bolstering the positive trend.
The markets remained vibrant, particularly with trade among countries participating in the Belt and Road Initiative increasing by 5.5 percent. Notably, trade with developed markets, including significant growth in trade with the U.S., improved markedly compared to the same period last year.
These developments reflect a dynamic and resilient economic landscape, positioning China as a continued focal point for global investors, business professionals, and academics interested in the region’s economic trajectory.
Reference(s):
China's Q1 data shows stable, optimized business operations: MOFCOM
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