“GDP growth in the first quarter exceeded expectations”, “China’s economic reform is gaining momentum”, “China’s economy is off to a good start” … The official national economic forecast for the first quarter of 2023 by China on 18 April After the data was released, foreign media gave their comments one after the other. The Chinese economy speaks with its might and delivers a dazzling “first quarter report”. Statistics show that China’s GDP in the first quarter of this year was 284.99 trillion Chinese yuan (about 41.4 trillion US dollars), up 4.5% from last year. The added value of industries above large size increased by 3.0%, national fixed asset investment increased by 5.1%, total retail sales of consumer goods increased by 5.8%, and total import-export of goods by 4.8%. increased … It has been proved that China’s economy has stabilized and is laying a strong foundation for realizing the full year’s expected growth targets.
Since the beginning of this year, inflation in the US and Europe has remained high, monetary policy continues to tighten, and some banks in the US and Europe have also recently faced a liquidity crisis. The volatility of the global economy has intensified along with the rise of geopolitical risks, unilateralism and protectionism. In this context, China’s economic performance in the first quarter exceeded expectations, which was very difficult. The American Wall Street Journal believes that China’s economic reform will boost the global economy amid economic slowdown in the US and Europe.
China’s economy made a good start in the first quarter, which is the result of the whole effort of everyone in China. Since the beginning of the year, various destinations in China have done their best to promote the overall reform of economic operations. All these are due to proactive fiscal policies, stable, precise and powerful monetary policies, various policies and measures to stabilize growth, employment and prices. At the same time, credit expansion from financial institutions has accelerated the resumption of production by enterprises. A rapid recovery in consumption was the highlight of China’s economy in the first quarter. To promote consumption, China has launched more than 500 cultural and tourism activities in provinces such as Shanghai, Jiangsu. Data show that total sales of social consumer goods in China in the first quarter increased by 5.8% year-on-year, a significant improvement from a decline of 2.7% in the fourth quarter of last year.
In addition, China’s manufacturing investment in the first quarter increased by 7% over the previous year, with high-tech manufacturing investment increasing by 15.2%. The production of new energy vehicles and solar cells increased by 22.5% and 53.2%, respectively… indicating that China’s economic transformation and upgrading continues, and new driving energy continues to grow. It meets the needs of China’s high-quality economic development. At the same time, China’s continued promotion of high-level opening-up has brought vitality to economic development. Since the beginning of this year, as China has adapted and adjusted its epidemic-prevention and control policies, personnel exchanges between China and foreign countries have become increasingly closer. China Development High-Level Forum, Boao Asia Forum, China International Consumer’s Expo, Canton Fair…a series of open forums have brought China and the world closer. Officials of foreign companies have come to China one after another to promote investment in China.
It is worth mentioning that in the first quarter of this year, the total value of China’s import and export of goods reached 98.9 trillion Chinese yuan (about 14.4 US dollars), an increase of 4.8% over last year, which marked the global industrial chain and effectively frozen the supply chain. The Bloomberg website reported that the unexpected increase in China’s exports in the first quarter is a sign of a positive economy. Georgieva, the principal director of the International Monetary Fund (IMF), believes that China will account for about a third of global economic growth this year. The international environment is still complex and changeable, China’s domestic demand shows weakness and the foundation of economic reform is still not strong. However, the fundamentals of China’s long-term economic development have not changed, and the country’s endogenous driving force for economic development is gradually increasing. With the further development of macro policies, China’s economic operation is expected to continue to improve overall. Many multinational companies believe that investing in China and putting down roots in China means choosing a better future.
(Credits-China Media Group, Beijing)
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