The first quarter of 2024 saw China’s economy expand by a remarkable 5.3% year-on-year, surpassing the forecasted growth of 4.8%. This increase marked a 1.6 percentage point gain from the previous quarter. During this period, China’s gross domestic product (GDP) reached around RMB29.6 trillion (US$4.09 trillion).
While China’s economy experienced growth in various sectors, key economic indicators such as consumption, export, and investment showed mixed results in the first quarter. The industrial sector and total consumption grew by 6.1%, falling short of the expected 6.6%. Total retail sales of consumer goods increased by approximately RMB12 trillion (US$1.66 trillion), rising by 4.7% year-on-year, slightly lower than the forecasted 5.4%. Meanwhile, investment in fixed assets climbed by RMB10 trillion (US$1.38 trillion) or 4.5% year-on-year, surpassing the expected 4% growth rate.
In terms of sector-specific growth, the service sector expanded by an impressive 5% in the first quarter, with notable increases in transportation, storage, postal services, and tourism-related activities.
On a regional level, urban residents saw their per capita disposable income rise to RMB15,150 (US$2,090), a real increase of 5.3%, while rural residents experienced a higher growth rate of 7.7%, with per capita disposable income reaching RMB6,596 (US$911). Despite these mixed results overall, China’s economy continued to grow robustly during the first quarter of 2024.
Despite some mixed results for key economic indicators such as consumption and export in the first quarter of 2024, China’s mainland economy grew at an impressive pace of 5.3% year-on-year compared to expectations of just 4.8%. Additionally, its GDP reached around RMB29.6 trillion (US$4