China's economy achieved a robust beginning in the first quarter of the "15th Five-Year Plan" period, with GDP growing 5.0% year-on-year. Data released on April 16 on national economic performance showed that the growth rates of major macroeconomic indicators accelerated. This not only lays a solid foundation for achieving annual targets and ensuring a smooth start to the "15th Five-Year Plan," but also highlights the increasing resilience and underlying strength of China's economy as it advances high-quality development.
Stability stands out as a clear signal and a cornerstone of confidence. Since the beginning of this year, despite a notably more unstable and uncertain external environment and particularly against the backdrop of a high base from the first quarter of last year, China's fixed-asset investment growth turned from negative to positive. The quarterly growth rate of total goods imports and exports reached its highest in nearly five years, and industrial economy stabilized while gaining momentum. These hard-won achievements underscore that the fundamental strengths of China's economy—its stability, multiple advantages, strong resilience, and vast potential—remain intact, injecting robust confidence into the economy's steady progress.
Innovation continues to inject new momentum into economic development. Currently, a growing number of industries are upgrading towards higher-end, smarter, and greener transformation. In the first quarter, value-added in the equipment manufacturing sector grew significantly faster than the average for all industrial enterprises above the designated size. High-tech manufacturing demonstrated higher technological content, and investment in emerging sectors showed favorable growth trends. Each positive data point reflects the increasing vitality that new growth drivers are bringing to economic development.
The quality of livelihood improvements is becoming more substantial. This warmth is reflected in the continuously growing incomes of urban and rural residents, in the increasing investment in areas concerning people's livelihoods, and in the rising momentum of cultural tourism, digital, and green consumption. By continuously expanding domestic demand, optimizing supply, and focusing on stabilizing employment, enterprises, markets, and expectations, the people's aspirations for a better life are being met and fulfilled. The dividends of development are being translated into tangible gains for the public.
China's institutional advantages and policy effectiveness are becoming more pronounced. Since the start of the year, more proactive fiscal policies and appropriately accommodative monetary policies have continued to take effect, providing stronger support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises. In response to sharp increases in international energy prices, temporary price controls were implemented promptly. Reform and opening-up have deepened, with accelerated progress in building a unified national market. Efforts to curb excessive internal competition have shown results, and comprehensive pilot programs for opening up the service sector have expanded. A series of policies have been implemented effectively and efficiently, with ample policy space and reserves available to safeguard stable economic performance.
The start of a period influences the overall situation, and the initial steps determine the subsequent course. By maintaining strategic focus, strengthening development confidence, and rigorously implementing policies, China has the capability and conditions to build on the strong economic start seen in the first quarter, propelling the economy forward steadily on the path of high-quality development.
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