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
