China's Q1 GDP growth fits reality: official of statistics

China's GDP in the first quarter of 2024, which grew 5.3 percent year-on-year, fits the reality, said Sheng Laiyun, deputy director of the National Bureau of Statistics (NBS), on Tuesday.

Speaking at a press conference in Beijing, the NBS official noted that the 5.3 percent growth is supported by data and indicators across a wide range of fields.

"The GDP grew by 5.3 percent year-on-year in the first quarter. Many think this number is higher than expected. But what I want to make clear is that first of all, the 5.3 percent GDP growth is in line with reality. From the perspective of calculation, this 5.3 percent GDP growth in the first quarter was mainly driven by the rebound in the industrial sector and the improvement of the service sector," Sheng said.

The value added of industrial enterprises showed significant rebound in the first quarter comparing to both the same time last year and the previous quarter as export picked up and demand increased, while the service sector, boosted by the Spring Festival, saw further growth on top of last year's good foundation, according to the official.

"The industrial sector and the service sector together contributed more than 90 percent of GDP growth. From the calculation perspective, the first quarter's GDP growth is consistent with the actual situation of the rebounding industrial sector and service sector," Sheng said.

Sheng further pointed out that the growth in consumption, investment and export, the three important indicators for demand, also support the first quarter's good GDP growth.

"Second,the 5.3 percent GDP growth is well-founded. GDP is calculated by the production approach, and verified by the expenditure approach. Looking at the three major indicators for demand just released, all are steadily recovering. The three major indicators for demand matches the GDP growth from the calculation on the perspective of demand," Sheng said.

The NBS official also noted that the GDP growth matched electricity consumption, freight transport, and other indicators.

While the overall situation looks bright according to indicators, Sheng said the NBS notices the uneven development in economic recovery, noting consumption trailing behind production and micro, small and medium-sized enterprises enterprises recovering at a slower pace than large enterprises.

Further efforts will be made to address uneven development and more attention will be given to the development of micro, small and medium-sized enterprises, according to the official.

China's Q1 GDP growth fits reality: official of statistics

On his second official visit to China, Prime Minister of the Republic of Vanuatu Charlot Salwai expressed admiration for China's remarkable ability to balance preserving its cultural heritage with embracing innovative transformation.

Salwai paid an official visit to China from July 7 to 12. During his trip, he toured the southern province of Guangdong and explored the megacities of Beijing and Shanghai. His visit included tours of high-tech companies, a ride on a high-speed train, and a performance of traditional Cantonese opera.

In an interview with China Central Television Network (CCTV) aired on Friday, Salwai recounted his journey starting with a warm welcome that included enjoying Beijing Roast Duck, also known as Peking Duck -- a culinary delight introduced to him by the Chinese ambassador in Vanuatu.

"Many had to say. Peking Duck. Because we had it here on our arrival, so it was very tasty. And I understand that the Chinese ambassador in Vanuatu brought us to one of the traditional restaurants, small but beautiful," he said. The prime minister sees China's preservation of its culture as a vital lesson in understanding one's roots and the journey to the present day, acknowledging China's efforts to integrate cultural preservation with modernization.

"It's going to be my second official visit to China. I'm always impressed to see big changes and especially innovations made by China and especially the cities. Because a big impression is to see how China continues to maintain and keep its culture. Because I think it's the basis of everything -- to know where you come from and to understand where we are today. I feel that China is doing a lot to maintain its culture, but at the same time, doing, innovating to transform its culture,” Salwai said.

He also emphasized the importance of learning from China's sustainable development strategies.

"Today, it comes from a long way, some hardship, the government, and also the people of China. So, I'm impressed to see what is done, especially how China associates infrastructure development with nature. That's meant to keep, continue to keep the environment. It takes effort with the climate change by maintaining the ecosystem. I think it's something that, for a small country like Vanuatu, is important to learn. So, we are here. I'm here with my delegation to learn," Salwai said.

Vanuatu's PM commends China's cultural preservation, innovation amid fast growth