China's economy got off to a good start and maintained the momentum of recovery in the first quarter of 2024, said Sheng Laiyun, deputy head with the National Bureau of Statistics (NBS) on Tuesday.
Sheng made the statement at a a press conference in Beijing in briefing news media on China's economic performance in the first three months.
According to preliminary estimates, China's Gross Domestic Product (GDP) in the first quarter reached 29,629.9 billion yuan (4,093.4 billion U.S. dollars), up 5.3 percent year on year, computed at constant prices, NBS data showed.
In breakdown, the value added of the primary industry was 1,153.8 billion yuan (about 159.41 billion U.S. dollars), up 3.3 percent year on year, that of the secondary industry stood at 10,984.6 billion yuan (about 1,517.67 billion U.S. dollars), up six percent, and that of the tertiary industry reached 17,491.5 billion yuan (about 2,416.69 billion U.S. dollars), up five percent, according to the NBS.
In the first quarter, China's industrial production registered fast growth, with the value added of industrial enterprises above the designated size grew by 6.1 percent year on year.
Meanwhile, the value added of high-tech manufacturing increased by 7.5 percent year on year, 2.6 percentage points higher than that of the fourth quarter of 2023.
In the first two months, the total profits made by industrial enterprises above the designated size were 914.1 billion yuan (about 126.3 billion U.S. dollars), up 10.2 percent year on year.
In the first three months, market sales maintained steady growth and services consumption grew fast.
During the three-month period, the total retail sales of consumer goods reached 12,032.7 billion yuan (about 1,662.48 billion U.S. dollars), up 4.7 percent year on year.
In addition, the retail sales of services went up by 10 percent year on year in the first quarter.
China's trade structure continued to optimize in the first quarter, with the total value of imports and exports of goods reaching 10,169.3 billion yuan (about 1,405 billion U.S. dollars), an increase of five percent year on year.
In the first quarter, investment in fixed assets (excluding rural households) reached 10,004.2 billion yuan (1,382 billion U.S. dollars), up 4.5 percent year on year, 1.5 percentage points higher than that of the previous year.
Data from the NBS also showed that consumer prices and employment were generally stable in the first quarter.
In the first three months, residents' income increased steadily, and the income of rural residents grew faster than that in urban areas.
"In general, the national economy got off to a good start in the first quarter, with positive factors accumulating and increasing. This has laid a relatively solid foundation for achieving the annual goals and fulfilling the annual tasks," Sheng said.
China's economy gets off to good start in first quarter: authorities
