Economic data for the first quarter of the "15th Five-Year" period released by the National Bureau of Statistics on the 16th shows that gross domestic product grew by 5.0 percent year-on-year. Major macroeconomic indicators saw accelerated growth, new growth drivers expanded rapidly, and the national economy achieved a strong start. Against the backdrop of sluggish global economic recovery, protracted geopolitical conflicts, rising protectionism, and a complex and severe external environment, this quarterly report is not only hard-won but also highly significant. It reflects "three unchanged fundamentals": the basic underpinnings of China's economic development remain unchanged, the long-term positive trajectory remains unchanged, and the strong foundation supporting high-quality development remains unchanged.
The 5.0 percent growth rate is, first and foremost, a signal of "stability." It reached the upper limit of the full-year target range of "4.5 to 5 percent," indicating that China's economy started the year with strong momentum and a favorable opening. For a major economy that has already reached a new level in terms of economic scale, achieving 5.0 percent growth is by no means an easy feat, especially amid rising external instability and uncertainty. The fact that China's major indicators still outperformed expectations demonstrates that the Chinese economy is not propped up by short-term stimulus, but stabilized by a complete industrial system, a massive market, robust policy tools, and continuously enhancing innovation capabilities. The ability of China's super-large economy to maintain stable growth is itself a powerful support for global confidence.
Behind the 5.0 percent figure lies a trend of "progress." Economic progress essentially reflects improvements in resource allocation efficiency and industrial upgrading. In terms of investment, fixed-asset investment in the first quarter increased by 1.7 percent year-on-year, shifting from decline to growth and sending a positive signal. Infrastructure investment grew by 8.9 percent, while manufacturing investment rose by 4.1 percent, indicating that efforts across regions focused on "dual-key" projects, major engineering initiatives, and manufacturing upgrades are accelerating, with policy effects becoming increasingly evident. A China that is rapidly cultivating new growth drivers and continuously expanding new spaces is leading profound industrial restructuring through innovation, fully demonstrating the strong resilience and endogenous dynamism of the Chinese economy in a complex environment.
The strong start of the first quarter in the "15th Five-Year" period featured three notable highlights. The first is consumption. The temperature of people's livelihoods often best indicates the true measure of economic development. Service retail sales in the first quarter increased by 5.5 percent year-on-year, showing that service consumption is becoming a key driver in expanding domestic demand. From booming cultural tourism and travel to vibrant holiday economies, and from improved convenience services to the expansion of new consumption scenarios, China's consumer market is demonstrating clear characteristics of structural upgrading and unleashed potential. In today's China, people's consumption demands are no longer just about "having or not having," but about "quality," "excellence," and "novelty." The sustained rise in service consumption reflects the deeper logic of China's economy transitioning from being driven by investment and exports to being supported by a diverse mix of consumption, innovation, and services.
The second highlight is the improvement in corporate profitability. In the first two months of this year, profits of industrial enterprises above the designated size nationwide increased by 15.2 percent year-on-year, with equipment manufacturing and high-tech manufacturing sectors seeing rapid profit growth. This reflects a strengthening foundation for the recovery of the real economy and enhanced momentum for industrial upgrading. The rebound in industrial profits indicates that China's real economy is not passively enduring pressure but actively evolving. Only when enterprises are profitable can the market be vibrant, employment secured, and expectations stabilized. In recent years, some Western commentators have often voiced pessimistic views about the Chinese economy, as if Chinese manufacturing has lost its competitiveness and Chinese enterprises their creativity. However, the reality is quite the opposite. Whether in high-end equipment, smart manufacturing, new energy, new materials, or the digital industry, Chinese enterprises are accelerating their move up the global value chain. This is a vivid illustration of the leap from "Made in China" to "Created in China."
Additionally, the remarkable resilience in foreign trade is particularly noteworthy. In the first quarter, China's total goods trade imports and exports exceeded 11 trillion yuan, up 15 percent year-on-year, hitting a record high for the same period and marking the highest quarterly growth rate in nearly five years. Faced with rising global trade protectionism, supply chain restructuring, and intensified unilateral disruptions, China's foreign trade has demonstrated strong resilience and competitiveness, fully illustrating that Chinese manufacturing, services, and supply chains still hold an irreplaceable and crucial position in the international market. Among these, export growth of 11.9 percent is not a matter of偶然的 "luck" but the result of comprehensive advantages built up over the long term. A complete industrial配套, strong manufacturing capabilities, active enterprise innovation, efficient logistics systems, and持续推进的制度型开放 together form the deep-seated support for the steady improvement of China's foreign trade.
Amid global uncertainties, the value of China's "certainty" is becoming increasingly prominent. The 5.0 percent figure is more than just a number—it represents confidence, strength, and a signal. A China that consistently moves toward innovation, pursues excellence, and plans for the long term will continue to deliver new "better-than-expected" outcomes. The world will ultimately recognize that the Chinese economy is not only a key engine of global growth but also a rare stabilizing force in turbulent times.
Comments