Perspective on China's economy in the first quarter of 2024

2024-04-10

In the first two months, the total retail sales of consumer goods increased by 5.5% year-on-year, and the total import and export of goods increased by 8.7%; In February, the urban survey unemployment rate decreased by 0.3 percentage points year-on-year; In March, the Purchasing Managers Index (PMI) of China's manufacturing industry returned to its expansion range... A crucial year for achieving the goals and tasks of the 14th Five Year Plan, China's economy achieved a "good start". Recently, domestic market expectations have continued to improve, with a surge in consumer markets and a clear trend of economic recovery; Multiple foreign media outlets have also released reports expressing optimism about China's development potential. Singapore's Lianhe Zaobao reported that "the latest PMI data has returned to the boom and bust line, indicating that China's economy has found a new growth engine." At the end of the first quarter, the reporter from "Xinhua Viewpoint" combed the announced economic indicators, deeply touched the pulse of economic development, observed China's economic operation from multiple dimensions, and perceived the confidence of economic and social development. The economic operation started steadily with some growth entering March, and spring plowing production was fully launched from south to north. Walking in the fields, from unmanned plowing machines to intelligent seedling centers, various regions are striving to demand grain from technology and sow hope for a bountiful harvest in the fields. Food security is the cornerstone of a country and the foundation of economic development. According to the agricultural situation dispatch of the Ministry of Agriculture and Rural Affairs, as of April 8th, 11% of the intended area for spring sowing grain in China has been completed, and the intended area for spring sowing grain has steadily increased compared to the previous year. People are diligent, and spring comes early. Since the beginning of this year, various regions and departments have been working hard, exploring and advancing in various industries, and promoting high-quality development with new trends and innovations. The published major economic indicators show that China's economy has started steadily and increased steadily: - From the macroeconomic perspective, fixed assets investment in the first two months increased by 4.2% year on year, of which the growth rate of private investment changed from negative to positive; Service retail sales increased by 12.3%; The total import and export of goods increased by 8.7%, of which exports increased by 10.3%, and the national economy continued to recover and improve. International balance of payments reflects a country's influence on the world economy. As of the end of March, the scale of China's foreign exchange reserves was 3245.7 billion US dollars, an increase of 0.62% compared to the end of February. ——From the perspective of industry performance, in the first two months, the profits of industrial enterprises above designated size nationwide decreased by 2.3% from the previous year to a year-on-year increase of 10.2%; The production index of the service industry increased by 5.8%, and the development of most industries continued to recover and show a positive trend. New kinetic energy products are growing rapidly. In the first two months, the added value of equipment manufacturing industry above designated size increased by 8.6% year-on-year, and the added value of high-tech manufacturing industry increased by 7.5%; The production of new energy vehicles, charging stations and other products increased by 25.6% and 41.8% respectively, and the production of smartphones increased by 31.3%. From the commercial debut of the first domestically produced large-scale cruise ship "Aida Modu", to the first flight of the self-developed AG60E electric aircraft, and finally the release of the first domestically produced field emission transmission electron microscope TH-F120, major projects this year have brought good news, which is a vivid portrayal of China's accelerated cultivation of new productive forces. The new drug developed by the company has achieved breakthroughs in the treatment of ALS after completing phase III clinical trials for stroke in China. Currently, it has completed bioequivalence trials and plans to do so this year

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