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Resilience, potential, fundamentals of Chinese economy remain sound

Source: Xinhua Updated: 2024-04-17

BEIJING -- A series of indicators have shown the Chinese economy accumulated a number of positive elements in the first quarter, kicking off a good start to this year despite pressures and challenges both at home and abroad.

The country's gross domestic product (GDP) recorded a year-on-year growth of 5.3 percent during the January-March period. On a quarterly basis, the economy increased 1.6 percent in the first three months, according to the National Bureau of Statistics.

Consumption remains a main force of growth, as retail sales of consumer goods grew by 4.7 percent year on year. Fixed-asset investment increased 4.5 percent from the same period a year ago. Exports and imports of goods rose 5 percent.

An array of policy tools have generated tangible progress in the economy: production and demand are steadily rising and new progress has been made in high-quality development. New quality productive forces have been fostered.

The good momentum of economic recovery in the first quarter is a testament to the strong resilience and great potential and vitality of the Chinese economy, while the fundamentals of its long-term sound growth remain unchanged.

The robust performance of the Chinese economy disappoints the naysayers once again.

Goldman Sachs raised its outlook for China's economic growth this year to 5 percent, up from its previous prediction of 4.8 percent.

The Asian Development Bank (ADB) has revised its growth forecast upwards for China to 4.8 percent this year, 0.3 percentage points higher than the estimate made in December.

With more proactive fiscal policies in place, the Chinese economy is expected to set on a stable path of growth this year, economists of ADB said in Beijing recently.

China's development is not based on selfish footing. Rather, China is ready to share with the world the great opportunities of its sustained development and work with all parties to create a bright future of common development.

China successfully accomplished its main targets and tasks for economic and social development in 2023. The sound basis laid in the first quarter offers reasons for confidence.

The views don't necessarily reflect those of Qiushi Journal.