Good start, stable expectations, and strong momentum in the future
2024-04-17
Calculated at constant prices, the gross domestic product in the first quarter increased by 5.3% year-on-year. The Chinese economy continues the upward trend since last year, achieving a stable start and a good start. From the main indicators, there has been a steady increase in production and supply, sustained recovery in domestic demand, overall stability in employment and prices, accelerated cultivation of new driving forces and advantages, improved market vitality, and enhanced stability and coordination in economic operation. In the first quarter, the industrial economy grew rapidly, and the service industry played a more prominent role in the national economy, jointly driving the economic recovery and improvement. The role of consumption as the main engine of economic growth has been further consolidated, fixed assets investment has risen steadily, and the scale of imports and exports has reached a new level. By combining indicators that reflect economic vitality such as human flow, logistics, electricity consumption, and freight volume, as well as indicators that reflect market expectations such as the Purchasing Managers Index for the manufacturing industry returning to the expansion zone, we can clearly see that the "warmth" of the Chinese economy is gradually increasing, and it is moving upwards. The growth rate of 5.3% is an inevitable result of the accumulation of positive factors in economic operation, which may seem beyond expectations but actually conforms to reality. Last year, China's economy emerged from a recovery curve of upward momentum, demonstrating resilience in resisting short-term fluctuations and winning long-term development. Since the beginning of this year, China has adhered to the principles of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking through, and actively implementing macroeconomic policies. We have highlighted efforts to stabilize expectations, growth, and employment, and have continued to make efforts in transforming methods, adjusting structures, improving quality, and increasing efficiency. The policy effects have been continuously evident. From a month on month perspective, after adjusting for seasonal factors, GDP in the first quarter increased by 1.6% month on month, and the month on month growth rate continued to increase for seven consecutive quarters. The economic operation continued to rebound and improve. The quality of an economic transcript depends not only on its quantity, but also on its quality. In the first quarter, while achieving rapid growth, the Chinese economy continued to promote structural optimization and quality and efficiency improvement. New achievements were made in innovation, coordination, green, open, and shared development, and high-quality development was solidly promoted. In the first quarter, the investment in high-tech manufacturing industry and high-tech service industry increased by 10.8% and 12.7% year on year, respectively, 6.3 and 8.2 percentage points higher than the growth rate of all fixed assets investment. The beginning is about the overall situation, and the beginning determines the future. The expected growth target for China's gross domestic product this year is around 5%, which is a positive and achievable goal that requires double efforts. The stable start of the economy in the first quarter has laid a good foundation for achieving the annual target tasks, further enhancing our confidence and confidence in doing a good job in the economic work throughout the year. Our country's economic development has a solid foundation, many advantages, and enormous potential. The long-term trend of improvement will not change, and we are confident and capable of maintaining sustained and healthy economic development. The current external environment is becoming increasingly complex, severe, and uncertain. There is still an imbalance in the recovery of the domestic economy, and some industries and enterprises still face certain difficulties in production and operation. Leading the year with a stable start, consolidating and enhancing the positive trend of economic recovery, grasping the refinement and implementation of the spirit of the Central Economic Work Conference and the National Two Sessions, promoting the accelerated implementation and effectiveness of various deployments, and paying special attention to improving the effectiveness of macro policy transmission to micro level, further stimulating the vitality of business entities,
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