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E-mail China.org.cn, April 26, 2024
Phoenix TV:
We've just reviewed the released data. Overall, major economic indicators show quite positive performance in the first quarter. How would you evaluate the overall economic performance in the first quarter?
Sheng Laiyun:
Thank you for your question. The economic indicators in the first quarter did indeed perform well. In the first quarter, we intensified the implementation of macroeconomic policies with concerted efforts from various regions and sectors. Policies were enacted proactively and implemented rigorously, leading to sustained economic recovery and a favorable start to the year. I'd like to summarize the first quarter's economic performance with four groups of key terms.
The first key term is continuing recovery. In the first quarter of this year, the overall national economy continued last year's upward trend, with crucial indicators of production demand showing positive growth. In terms of production, the primary industry remained relatively stable, with a year-on-year growth of 3.3%, according to data recently released. The secondary industry grew by 6%. The growth rate of value added to industrial enterprises above the designated size increased by 3.1 percentage points year on year and by 0.1 percentage point compared to the fourth quarter of last year, showing stable growth. The service industry grew by 5%, with contact-intensive services, such as accommodation, catering, transportation and tourism, continuing to grow rapidly. As we know, last year witnessed rapid development in the service industry following the new phase of pandemic prevention and control. Despite a high growth rate in the service industry last year, this year has witnessed stable growth, demonstrating steady production with upward trends. In terms of the three major demands, indicators of investment, consumption and import and export demonstrate overall stable growth. Fixed asset investment in the first quarter increased by 4.5% year on year, a 1.5 percentage points higher from the 3% growth rate of last year. Total retail sales of consumer goods increased by 4.7%, with service retail sales growing by 10%. According to data from customs, import and export grew by 5%, reaching a record high in six quarters. Therefore, the three major demands increased with stability.
The second key term is a steady start, which is reflected in four major macroeconomic indicators: GDP growth, employment, inflation and international balance of payments. In the first quarter, GDP grew by 5.3% year on year, slightly higher than the growth rate of 5.2% in the fourth quarter of last year, indicating stable growth. Employment indicators show steady improvement, with the urban surveyed unemployment rate averaging 5.2% in the first quarter, a decrease of 0.3 percentage point compared to the same period last year. With the economy picking up, the overall employment situation has improved. The consumer price index remains consistent compared to the first quarter of last year, while the core CPI, excluding food and energy, increased by 0.7% year on year, similar to quarters from last year. The international balance of payments remains overall balanced. Looking at these four major macroeconomic indicators — GDP growth, employment, inflation and international balance of payments — the overall economic trend in the first quarter remains stable, with a sound start.
The third key term is progress with stability. It refers to the national economy achieving reasonable growth in quantity while also achieving effective improvement in quality, thereby continuing to make new advancements in high-quality development. First, innovation development has achieved new results. In the first quarter, the value added of high-tech manufacturing industries above the designated size increased by 7.5% year on year, 2.6 percentage points higher than the fourth quarter of last year. Coordinated development mainly refers to continued improvement of industrial and demand structures. In the first quarter, domestic demand contributed 85.5% to economic growth. Both the internal structures of industries and demands have seen positive improvements. Green development has continued to make new achievements. In the first quarter, energy consumption per unit of GDP decreased by 0.1% year on year. If the consumption of raw materials and non-fossil energy is deducted, energy consumption would decrease even further. Open development and high-level opening-up have further advanced, and China's total imports and exports with the Belt and Road countries grew by 5.5%. Shared development has continued to make new achievements, with the per capita disposable income of residents nationwide increasing by 6.2%. These indicators suggest that high-quality development continues to make new progress.
The fourth key term is promising start. It's precisely because the economy has continued to recover with a smooth initial process and steady progress that we have achieved a promising start. Looking at various major economic indicators, we find that the stability and coordination of economic performance have strengthened, market vitality has increased and the confidence of market entities has continued to rise. The PMI, which was previously released, stood at 50.8% in March, rebounding to the expansion zone. This reflects the overall positive momentum of sustained recovery in the economy, leading to a promising start overall.
However, we must be sensibly aware that the global situation remains complex and challenging, and domestically we are at a critical stage of structural adjustment and transformation. The confidence of market entities and the momentum of economic recovery both need further enhancement. Going forward, we must resolutely implement the decisions and arrangements made by the CPC Central Committee and the State Council to promote stable economic development. We need to further intensify policy implementation, consolidate the foundations of the economy, continue enhancing overall market confidence and economic momentum and solidify the basis for continued improvements with economic recovery. Thank you!
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