China's economy is kicking off 2024 with a bang! 🚀 The National Bureau of Statistics (NBS) reported that the country's GDP grew by a remarkable 5.3% year-on-year in the first quarter, reaching a staggering 29.63 trillion yuan ($4.17 trillion). 📈
Industrial output is on the rise too, with value-added industrial production up 6.1% compared to last year. Factories are buzzing! 🏭
But that's not all—Chinese consumers are on a shopping spree! 🛍️ Retail sales of consumer goods jumped 4.7%, showing that people are confident and ready to spend. Fixed-asset investment also climbed 4.5%, fueling future growth. 💰
On the job front, things are looking bright. The surveyed urban unemployment rate averaged 5.2%, down 0.3 percentage points from the same period last year. More people are finding work, and that's awesome news! 👏
\"China's economy got off to a strong start in Q1,\" said Sheng Laiyun, deputy director of the NBS. \"Production demand picked up, employment and prices remained stable, and market confidence is strengthening.\" 📊
Experts are impressed too. Bruce Pang, chief economist at JLL Greater China, noted that the latest data suggests the economy expanded much faster than forecasted. \"Policy pushes for equipment investment and product upgrades are boosting domestic demand,\" he said. \"The annual GDP target of around 5% is definitely achievable.\" 🏆
Raymond Yeung, chief economist for Greater China at ANZ Bank, echoed these sentiments. \"China's growth performance in the first quarter is much higher than overall market expectations,\" he said. ANZ has revised its 2024 China growth forecast upwards. 📈
Yeung also highlighted the positive effects of structural reforms. \"These changes have encouraged spending and led to a boom in the consumption sector, especially in the first two months of the year,\" he explained. 🍃
With such a strong start, China's economy is setting the pace for 2024. Keep an eye out—there's more excitement to come! 🎉
Reference(s):
cgtn.com
