* China's economic recovery has gathered steam in the first quarter of 2024, displaying strength and resilience and bringing much-needed certainty to an otherwise uncertain global economic landscape.
* The Chinese economy is shifting from rapid growth to high-quality development, and has great potential to sustain its stable development, analysts said.
* Officials said with further implementation of a series of major reform policies and initiatives, there is a solid foundation for a stable and improving Chinese economy throughout the year of 2024.
BEIJING, April 25 (Xinhua) -- The Chinese economy has seen its recovery gather steam in the first quarter (Q1) of 2024, displaying strength and resilience and bringing much-needed certainty to an otherwise uncertain global economic landscape.
In the first three months of the year, China's GDP expanded 5.3 percent from one year earlier, accelerating from 5.2 percent in the previous quarter, data from the National Bureau of Statistics (NBS) showed.
Acknowledging the performance as a "good start," guest speakers at the fourth episode of the China Economic Roundtable, an all-media talk platform hosted by Xinhua News Agency, said the country had navigated economic headwinds with an effective policy mix and put the economy on a solid footing for stable and sound development in 2024 and beyond.
SMOOTH TAKE-OFF
The country's economic and social development in Q1 achieved a "stable start, a smooth take-off, and a positive beginning," said Li Hui, an official with the National Development and Reform Commission.
The Q1 GDP growth was compared with a 5.2-percent overall growth registered in 2023 and above the annual growth target of around 5 percent set for this year.
On a quarterly basis, the economy expanded 1.6 percent in the first three months of the year, growing for seven consecutive quarters, according to the NBS.
A series of other indicators, including the purchasing managers' index (PMI), foreign trade, and fixed-asset investment, all pointed to a recovery gaining momentum in the world's second-largest economy.
The PMI, a critical gauge of manufacturing and services sector health, also reported improvements in March, with PMI for the manufacturing sector moving back above the mark of 50 separating expansion from contraction for the first time since September.
Historically, for the first time, its Q1 foreign trade scale has exceeded 10 trillion yuan (about 1.4 trillion U.S. dollars) during the same period, expanding 5 percent from a year ago, with the growth being a six-quarter high.
Fixed-asset investment also expanded at a faster pace in Q1, with high-tech sectors recording strong investment growth, indicating accelerated industrial upgrading.
An ice-snow leisure travel boom at the beginning of the year, the spring blossom tours, surging film box office and visitor boom at the country's museums all indicated the recovery in consumption is picking up pace.
China's economic expansion is also manifesting itself globally. The country remained a main driving force for the world economy, accounting for 32 percent of total growth last year, according to the International Finance Forum.
"China's economic growth has maintained a leading position among the world's major economies, and remained an important growth engine and stabilizer for the global economy. The country's stable development injects stability to a world of uncertainties," said NBS spokesperson Wang Guanhua.
QUALITATIVE GROWTH
A breakdown of the Q1 data showed the growth is not only quantitative, but also qualitative. Steady progress has been made as the country remains committed to high-quality and innovation-driven development.
The country is gradually transforming from a pattern of traditional manufacturing to high-value-added, high-tech sectors, with the digital economy and green and low-carbon industries developing vigorously.
Its high-tech manufacturing sector registered a growth of 7.5 percent in Q1 output, accelerating by 2.6 percentage points from the previous quarter.
Investment into aviation, spacecraft and equipment manufacturing surged 42.7 percent in the January-March period, while the production of service robots and new energy vehicles saw substantial increases of 26.7 percent and 29.2 percent, respectively.
Structurally, the country's export portfolio demonstrated strength in the machinery and electronics sector, as well as labor-intensive products, signaling the continued international competitiveness of these goods. Imports of bulk commodities and consumer goods have expanded steadily, indicating a healthy and growing domestic demand.
It has also made progress in making its growth more balanced and sustainable, with domestic demand contributing 85.5 percent of economic growth in Q1.
The country's economy is shifting from rapid growth to high-quality development, and has great potential to sustain its stable development, analysts said.
POLICY MIX
To boost economic recovery, which China's policymakers said would be a wave-like development with twists and turns and now remains uneven, the country has leveraged a variety of policies to offset downward pressures and address structural challenges.
The country vowed to continue to implement a proactive fiscal policy and a prudent monetary policy this year, and announced an array of pro-growth measures, including the issuing of ultra-long special treasury bonds, with an initial allocation of 1 trillion yuan for 2024.
To boost investment and consumption, the country doubled down on efforts to promote a new round of large-scale equipment renewals and trade-ins of consumer goods.
The scale of equipment investment in sectors including industry, agriculture, construction, transportation, education, culture, tourism and medical care, is targeted to increase by more than 25 percent by 2027 compared with 2023.
To promote high-level opening up and optimize the business environment, the country proposed 24 measures to encourage foreign investment. It vowed to further shorten its negative list for foreign investment and launch pilot programs to relax foreign entry thresholds in scientific and technological innovation.
Other policy incentives to support various areas ranging from the silver economy, consumer finance, employment, green and low-carbon development to sci-tech innovation and small businesses have also been unveiled.
Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, said to achieve the annual growth target this year, China needs to further address challenges such as insufficient domestic demand and real estate market adjustment while promoting high-quality development and new quality productive forces.
"China does not need stimulus measures merely for higher growth rates. Instead, it needs policy packages aimed at high-quality development and problem-solving," Zhang said.
"With the further implementation of a series of major reform policies and initiatives, we will continue to make efforts in strengthening the real economy, promoting consumption, expanding investment and stabilizing foreign trade," said Li Hui, adding that there is a solid foundation for a stable and improving Chinese economy throughout the year of 2024.
中新经纬1月12日电 深圳市人力资源和社会保障局官方微信11日回应“深圳一公司男高管违法开除男员工”称，涉事公司经综合考虑该管理人员处理纠纷时存在不当言论及其他因素，于2023年2月对其进行降职处理，并于2023年3月 1月钢铁市场震荡延续 钢企盈利面临收缩压力 证券时报记者 黄翔 2023年下半年以来，国内钢材市场开始呈现震荡上涨的行情。进入2024年，钢价能否延续这一趋势受到关注。 据了解，去年钢铁行业经历先抑后扬的走 中新经纬1月11日电 据微信号“中国铁路”11日消息，自1月11日零时起，铁路12306网站(含手机客户端，下同)优化升级候补购票功能，增加候补订单和备选方案数量，扩大候补订单兑现时间选择范围，临时新增旅客列车席位优先配售给 中新经纬1月11日电 据高检网11日消息，国家开发银行原党委委员、副行长王用生涉嫌受贿一案，由国家监察委员会调查终结，移送检察机关审查起诉。日前，经最高人民检察院指定管辖，吉林省人民检察院依法以涉嫌受贿罪对王用生 广西南宁新能源全产业链加快成型 中新网南宁2月22日电 (黄令妍 韦雅丹)广西南宁市工信局党组书记、局长卢晴22日介绍，当地新能源全产业链加快成型，比亚迪、多氟多等一批重大项目投产，龙电华鑫、宸宇富基等项目落 2023年北京高精尖产业新设市场主体占比提升至66.1% 中新网北京2月22日电 (记者 吕少威)京津冀协同发展十年来，北京科技、商务、文化、信息等高精尖产业新设市场主体占比由2013年的40.7%上升至2023年的66.1%。 。本文链接：A closer look at China's economic steadiness, vitality and potentialhttp://www.sushuapos.com/show-5-13742-0.html
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