The Chinese economy has continued to recover, got off to a steady start, made steady progress and got off to a good start, further enhancing the international community's positive expectations for China's development prospects

China's gross domestic product (GDP) grew 5.3% year on year in the first quarter of this year, up 1.6% from the fourth quarter of last year, according to preliminary calculations released by the National Bureau of Statistics on Monday. China's economy continued to recover, got off to a steady start, made steady progress, and achieved a good start, which further enhanced the international community's positive expectations for China's development prospects. International media reports believe that China's economy has "made a good start" and "confidence continues to recover".

At present, the positive factors supporting the continued recovery of the Chinese economy are accumulating, which has laid a good foundation for achieving the annual target. The growth rate of fixed asset investment increased by 1.5 percentage points over the whole of last year. Retail sales of consumer goods and services increased by 4.7% and 10% respectively. The growth of imports and exports hit a six-quarter high. International financial institutions such as the Asian Development Bank, Goldman Sachs and Morgan Stanley have recently raised their forecasts for China's economic growth this year. According to the Asian Development Outlook 2024 report released by the Asian Development Bank, China is expected to contribute 46% of the economic growth of developing countries in Asia this year and next, continuing to be the largest contributor to global economic growth.

Through the "report card" of the Chinese economy in the first quarter, we can see that the development of new quality productivity has shown new results in some industries, business activities and products. In the first quarter, the added value of China's high-tech manufacturing industry above designated size grew by 7.5% year-on-year, 2.6 percentage points higher than that in the fourth quarter of last year. Investment in high-tech industries grew by 11.4% year-on-year, 1.1 percentage points higher than that of the whole of last year. Investment in high-tech services grew by 12.7 percent. On the basis of rapid growth in previous years, the output of new energy vehicles increased by 29.2% in the first quarter of this year. The output of charging piles, 3D printing equipment and electronic components increased by 41.7%, 40.6% and 39.5% respectively in the first quarter. China's accelerated development of new quality productive forces has not only created new drivers and advantages for its own development, but also injected new impetus into international cooperation. China's exports of electric vehicles, lithium batteries and photovoltaic products have enriched global supply, alleviated global inflationary pressure, and made great contributions to the global response to climate change and green and low-carbon transformation. Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, said that the entry of more Chinese electric vehicle brands into the UK has not only reduced the price of electric vehicles, but also encouraged innovation in the industry, benefiting both consumers and the automotive industry.

The continued recovery of the Chinese economy is an important positive for the world economy. "For every 1 per cent more growth in the Chinese economy, the economies linked to China grow 0.3 per cent more." Barnett, chief representative of the International Monetary Fund in China, said that the Chinese economy remains an important engine driving the world economy. In the first quarter, China's total imports and exports to countries jointly building the Belt and Road increased by 5.5%, continuing to be an important driving force for global trade growth. China's promising economic prospects have also attracted more multinational companies to explore opportunities and seek cooperation. More than 100 heads of multinational companies visited China. The fourth Expo attracted more than 4,000 brands from 71 countries and regions. More than 60,000 overseas buyers attended the 135th Canton Fair on the first day; In the first two months of this year, the number of newly established foreign-invested enterprises in China rose 34.9 per cent year-on-year, reaching the highest level in nearly five years. BMW Group Chairman Ziptzer believes that China is the BMW Group's largest market in the world, but also the future.

For some time now, some international voices have deliberately amplified the challenges facing the Chinese economy and played up the so-called "China's economy has peaked" theory, which is completely a misunderstanding of the performance and development prospects of the Chinese economy. The Chinese economy has a solid foundation, strong resilience, many advantages, full vitality and great potential, and the upward trend and long-term upward trend have not changed. A China that continues to promote high-quality development and Chinese-style modernization will not only enable its people to live a better life, but also make greater contribution to the recovery and development of the world economy.

Source: SASAC of The State Council