China’s economy makes a good start

ON APRIL 18, the National Bureau of Statistics of China released a report on the performance of the national economy in the first quarter of 2022.

Facing the complicated and changeable environment at home and abroad, under the strong leadership of the Communist Party of China (CPC) with Comrade Xi Jinping as the core, the Chinese government and departments at all levels earnestly implement the decisions and deployments made by the CPC Central Committee and the State Council, scientifically co-ordinate epidemic prevention and control and economic and social development; adhere to the priority of stability and development; take multiple measures to stabilise the economy; ensure people’s livelihood, promote employment, expand consumption, and enlarge investment, resulting in a good start of China’s economy in 2022.

Given the severe impact of the epidemic on the world economy and the increasingly complex and rigorous international environment, China’s sound economic development is commendable, and its positive regulatory policies have provided a good example for developing countries.

1. The economy is steadily growing, and people’s livelihood is effectively safeguarded.

The national economy continues to develop. China’s gross domestic product (GDP) rises 4.8% year-on-year in the first quarter and 1.3% quarteron-quarter to 27 017.8 billion RMB, or $4 250 billion (about R 69 122bn), breaking the record of $4 000bn for the first time.

The industrial structure has also been significantly optimised.

Total imports and exports continue to grow. Imports and exports of goods total 9 415.1bn RMB in the first quarter, up 10.7% year on year. Exports total 5 226abn RMB, up 13.4%; imports total 4189.1bn RMB, up 7.5%. By offsetting imports and exports, China achieves a trade surplus of 1 036.9bn RMB, or $162.94bn.

Despite the severe impact of the Covid-19 pandemic on supply and transportation chains, China’s import and export markets have shown strong resilience and vitality.

Consumer price rises moderately, and the overall situation of employment remains stable. The per capita disposable income in the first quarter is 10 345 RMB, or $1 627, up 5.1% year on year, slightly faster than the GDP growth.

Despite the serious global inflation, China’s consumer price index (CPI) rises by 1.1% year-on-year in the first quarter.

Since the beginning of this year, the complexity and severity of the international situation and the impact of the Cocid-19 epidemic in China have led to a slight rise in the unemployment rate. However, the employment-first policies have been reinforced, and the government’s assistance to enterprises has also been strengthened.

2. The Chinese government actively regulates the economy and deepens reform and opening up.

The economic performance of China in the first quarter of 2022 is good, mainly because under the leadership of the CPC Central Committee with Xi Jinping as the core, the Chinese government at all levels has taken multiple measures to actively regulate the economy and deepen reform and opening up.