With the continuous manifestation of the effectiveness of China's macroeconomic policy combination, the Chinese economy achieved a good start in 2024. The latest data released by the National Bureau of Statistics shows that the gross domestic product (GDP) in the first quarter reached 29629.9 billion yuan, a year-on-year increase of 5.3% at constant prices and a month on month increase of 1.6% compared to the fourth quarter of last year. The national economy has achieved a good start, continuing the upward trend since last year. From a production perspective, the added value of the primary industry was 1153.8 billion yuan, a year-on-year increase of 3.3%; The added value of the secondary industry was 10984.6 billion yuan, an increase of 6%; The added value of the tertiary industry was 17491.5 billion yuan, an increase of 5%. In terms of demand, fixed assets investment increased by 4.5% year-on-year in the first quarter, 1.5 percentage points higher than that of last year; Import and export increased by 5%, reaching a new high in six quarters. Against the backdrop of increasing global development uncertainty, China's economic situation on both sides of supply and demand continues to rebound, demonstrating strong endogenous momentum and development resilience. Accelerate the formation of new productive forces and lead the high-quality development of the industrial sector. Data shows that in the first quarter, the added value of high-tech manufacturing above designated size increased by 7.5% year-on-year, 2.6 percentage points faster than the fourth quarter of the previous year, significantly faster than the industrial average level. This indicates that the industrial structure has been further optimized, and the trend of innovation leading the high-quality development of the industrial economy is increasingly evident. Emerging industries continue to maintain a rapid growth trend. The added value of information transmission, software, and information technology services increased by 13.7%, an increase of 2.5 percentage points from the fourth quarter of the previous year; New energy vehicles grew by 29.2%; 20% growth in solar cells; The growth rate of polycrystalline silicon and monocrystalline silicon related to photovoltaics exceeds 50%; Service robots grew by 26.7%; Semiconductors and 3D printing have also maintained high growth rates of over double digits. From the data of the first quarter, it can be seen that the characteristics of innovation driven and green cleaning in the industrial sector have become increasingly prominent. The virtuous cycle of employment income consumption is accelerating, showing a spiral upward trend. The data shows that the average urban survey unemployment rate in the first quarter was 5.2%, a decrease of 0.3 percentage points from the same period last year. The economic improvement strongly supported the improvement in employment. In the first quarter, the per capita disposable income of Chinese residents increased by 6.2%, and the income growth rate continued to maintain a slightly faster trend than the GDP growth rate. China's income distribution pattern continued to optimize, laying a solid income foundation for unleashing consumption potential; The income of rural residents increased by 7.7% year-on-year in real terms, faster than the 5.3% of urban residents, further narrowing the income gap between urban and rural areas; The wage income growth of urban and rural residents is faster than the overall income growth, reflecting the stability of the labor and employment market. In the first quarter, the total retail sales of consumer goods exceeded 12 trillion yuan, a year-on-year increase of 4.7%, contributing 73.7% to economic growth. Consumption remains the main driving force for China's economic growth. Driven by new technologies, online consumption continues to be strong, with online physical product retail sales increasing by 11.6%. Expenditures on transportation and communication, education, culture, and entertainment, as well as development oriented and enjoyment oriented consumption, have all grown at a double-digit rate, while upgrading oriented consumption continues to improve. The overall economy is showing a trend of stable start, continuous recovery, and steady progress. At the same time, we should also be aware that,
Edit：GuoGuo Responsible editor：FangZhiYou
Source：gmw.cn
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