China’s economy expands 5.3% in first quarter, signalling strong start to 2024

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16th April 2024 – (Beijing) China’s economic performance in the first quarter of 2024 has exceeded expectations, with the gross domestic product (GDP) growing by 5.3 percent year-on-year, according to the latest figures from the National Bureau of Statistics (NBS). This marks a robust start to the year, with the GDP hitting 29.63 trillion yuan (approximately 4.17 trillion U.S. dollars).

On a quarter-to-quarter basis, the Chinese economy saw an increase of 1.6 per cent in the first three months of the year. Sheng Laiyun, the deputy director of the NBS, highlighted this growth at a press conference, noting, “China’s high-quality development has made new achievements in the first quarter. The national economy has sustained recovery momentum and got off to a good start.”

Sheng credited various factors for the positive economic trajectory, including increased production demand, stable employment and prices, and growing market confidence. “These positive factors driving economic recovery are accumulating and strengthening, laying a good foundation for full-year growth,” he explained.

The optimistic outlook for China’s economy is largely attributed to the effective implementation of supportive government policies and intensified macro-control efforts. With a growth of 5.2 per cent in the previous year, China has set its growth target for 2024 at around 5 per cent, aiming to maintain a steady pace of economic expansion.