China's economy showed resilience in the first quarter of 2024, with the country's gross domestic product (GDP) reaching RMB29.63 trillion, marking a year-on-year growth of 5.3%.
This surpasses the economic expectation of 4.6% set during China's annual 'two sessions' earlier this year.
Data released by the National Bureau of Statistics revealed the breakdown across industries: the value added in the primary industry rose by 3.3%, reaching RMB1.15 trillion; the secondary industry saw a growth of 6.0%, reaching RMB10.98 trillion; and the value added in the tertiary industry increased by 5.0%, reaching RMB17.49 trillion.
In terms of specific sectors, agriculture – particularly crop farming – witnessed a growth of 3.8% in value added.
The value added of industrial enterprises grew by 6.1%, with manufacturing increasing by 6.7% and high-tech manufacturing by 7.5%.
Furthermore, China's foreign trade maintained steady growth in the first quarter, with the total value of imports and exports reaching RMB10.17 trillion, a 5.0% increase year-on-year – exports totaled RMB5.74 trillion, growing by 4.9%, while imports amounted to RMB4.43 trillion, up by 5.0%.
While the first quarter GDP growth surpassed expectations, whether this trend will continue throughout the year remains to be seen.
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[Cover image via Unsplash]
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