China’s economy delivered a stronger-than-expected performance in the first quarter of 2024, growing 5.3 per cent year-on-year, National Bureau of Statistics of China reported on Tuesday.
This positive start to the year follows a period of targeted government interventions aimed at stabilising growth, as per the statement.
Chinese authorities, attribute this growth to their focus on maintaining stability in key areas like employment, prices, and market confidence.
Additionally, they highlight efforts to promote a new growth model with a focus on structural adjustments and improved economic performance.
According to official data, these policies appear to be bearing fruit. Production and demand saw a steady rise, with employment and prices remaining relatively stable.
Market confidence also seems to be improving, suggesting a potential boost for high-quality development.
While the overall growth figure is positive, a closer look reveals a disparity between sectors. The secondary industry, encompassing manufacturing and construction, saw the most significant growth at 6.0 per cent.
The primary industry, which includes agriculture, also experienced a respectable 3.3 per cent increase. However, the critical services sector, encompassing areas like retail and tourism, grew at a slower pace of 5.0 per cent.
Despite some areas requiring attention, the data provides China with some positive momentum for the remainder of 2024.
The path forward will likely involve a continued focus on policy implementation and addressing areas of weakness in the economy.
