China registered sound development in new investment and new infrastructure construction in the first quarter of 2024, said a senior official of the National Bureau of Statistics (NBS) on Tuesday.
Sheng Laiyun, deputy director of the NBS, made the statement at a press conference in Beijing in briefing news media on China's economic development in the first three months of 2024.
With regard to new industries, emerging ones saw accelerated growth in the first quarter, with the value added of major high-tech manufacturers (each having an annual main business income of at least 20 million yuan, or around 2.76 million U.S. dollars) going up 7.5 percent year on year, 2.6 percentage points higher than that of the fourth quarter of 2023, Sheng noted.
The high-tech services sector maintained rapid growth in the first three months of the year, with the information transmission, software and IT services industries registering an average 13.7 percent growth in value added, which was 2.5 percentage points higher than that of the fourth quarter of 2023.
"New investment and new infrastructure continued to show a favorable development momentum. In the first quarter, investment in high-tech industries grew by 11.4 percent year on year, while investment in the high-tech services sector grew by 12.7 percent. Besides, the construction of a batch of new infrastructure facilities was accelerated, including 5G base stations, the number of which had exceeded 3.5 million. Meanwhile, the construction of other new infrastructure facilities including those for channeling computing resources from the east to the west and for developing optical fiber communication was also accelerated," Sheng said.
China sees sound development in new investment, infrastructure in first quarter: official
