China's economy expanded by 5.4% year-on-year in the first quarter of 2024, exceeding market expectations and signaling a robust start to the year. Data released by the National Bureau of Statistics (NBS) on Wednesday revealed growth driven by resilient consumer spending, accelerated industrial production, and stronger-than-anticipated export performance.
Analysts attribute the expansion to targeted stimulus measures and improved global demand, with retail sales growing 4.7% and industrial output up 6.1% in March. Exports rose 10% in Q1, defying geopolitical headwinds. "The numbers demonstrate China's capacity to balance high-quality development with stable growth," noted a Beijing-based economist at a state-linked think tank.
While the property sector remains a concern—with real estate investment dropping 9.5%—policymakers emphasize progress in manufacturing upgrades and green energy transitions. The NBS highlighted that new growth drivers, including electric vehicles and renewable energy equipment, contributed 30% to industrial value-added output.
For global investors, the figures suggest sustained opportunities in China's tech and consumer markets. However, analysts caution that local government debt restructuring and evolving trade policies warrant close monitoring through 2024.
