Strong foundation laid for achieving growth target

At constant prices, China’s gross domestic product in the first quarter increased by 5.3 percent year-on-year. It can be said that China’s economy has continued its upward trend since last year.

Judging from the main indicators, production and supply are stable and rising, domestic demand continues to recover, employment and prices are generally stable, the cultivation of new drivers and new advantages has accelerated, market vitality has been improved, and the stability and coordination of economic operations have been enhanced.

The role of consumption as the main engine of economic growth has been further consolidated, as fixed asset investment has increased steadily, and the scale of imports and exports has reached a new level.

Combined with indicators reflecting economic vitality such as the flow of people, logistics, electricity consumption and freight volume, as well as indicators reflecting market expectations such as the manufacturing purchasing managers’ index that has returned to the expansion range, it can be said that China’s economy has maintained good recovery momentum.

The economic growth of 5.3 percent in the first quarter was due to the continued effects of pro-growth and probusiness policies. From a quarter-onquarter perspective, after adjusting for seasonal factors, the country’s GDP increased by 1.6 percent in the first three months of the year, and the quarter-on-quarter growth rate has kept increasing for 7 consecutive quarters.

In the first quarter, China’s economy continued to promote structural optimization, achieved new results in innovative, coordinated, green, open, and shared development, and made solid progress in high-quality development. From January to March, investment in high-tech manufacturing and hightech services increased by 10.8 percent and 12.7 percent respectively year-onyear, 6.3 and 8.2 percentage points higher than the growth rate of all fixed asset investment.

Although the external environment is still increasing in complexity, severity and uncertainty, the domestic economic recovery is still uneven, and some industries and enterprises are still facing difficulties in production and operation, the first quarter performance lays a good foundation for achieving the goals and tasks for the whole year.

The market should have confidence that the Chinese economy has the ability to maintain sustained and healthy development in the long run.