China’s economy shows resilience in Q1

BEIJING: China’s economy demonstrated resilience in the first quarter of 2024, with its gross domestic product (GDP) reaching 29.63 trillion yuan ($4.17 trillion), a 5.3 per cent increase compared to the same period last year, according to data released by the National Bureau of Statistics (NBS).

China Economic Net quoted Sheng Laiyun, Deputy Director of NBS, as saying that the “national economy made a good start in the first quarter,” highlighting positive factors such as rising production demand, stable employment and prices, and growing market confidence.

The data revealed that agricultural production showed good momentum, with the added value of agriculture (crop farming) increasing by 3.8% year-on-year. Industrial production also grew rapidly, with the total value added of industrial enterprises above designated size increasing by 6.1% nationwide.

Market sales maintained stable growth, with the total retail sales of consumer goods reaching 12.0327 trillion yuan, up by 4.7% year-on-year. The total value of imports and exports of goods reached 10.1693 trillion yuan, an increase of 5.0% year-on-year, with continuous optimization of trade structure.

Notably, trade between China and Belt and Road partner countries saw a 5.5 per cent increase in the first quarter, accounting for 47.4 per cent of the total value of imports and exports.

Consumer prices remained generally stable, with the national consumer price index (CPI) unchanged year-on-year, while overall employment remained stable and residents’ income saw steady growth.