China's economy continued to show resilience in the first quarter of 2023, growing by 4.5% year-on-year, according to preliminary calculations presented at a press conference by officials from the National Bureau of Statistics of China.
China's GDP for the first quarter was 28.4997 trillion yuan, with growth of 2.2% quarter-on-quarter compared to the fourth quarter of the previous year.
The value added of the primary industry increased by 3.7%, while the value added of the secondary industry grew by 3.3%. The value added of the tertiary industry, which accounts for more than half of China's GDP, increased by 5.4%.
"The first quarter economic data showed steady and positive development momentum," an official from the National Bureau of Statistics of China said at the press conference. "With the implementation of various macroeconomic policies, the Chinese economy has maintained stable growth and made important contributions to the world's economic recovery."
China's economy has been on a steady recovery path since the impact of the COVID-19 pandemic, supported by strong government policies, including increased infrastructure investment and tax cuts for businesses.
However, concerns about the pace of recovery and the potential impact of rising inflation and global supply chain disruptions persist.
Despite these challenges, China's economic growth in the first quarter of 2023 indicates that the country's economy remains resilient and is expected to continue to recover in the coming months.
[Cover Image via Unsplash]
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