Data released by the National Bureau of Statistics on the 16th shows that China's gross domestic product (GDP) reached 33.4193 trillion yuan in the first quarter, with a year-on-year increase of 5.0% calculated at constant prices, accelerating by 0.5 percentage points compared to the previous quarter. Deputy Director Mao Shengyong of the National Bureau of Statistics stated that during the first quarter, production and supply growth accelerated, market demand continued to improve, the employment situation remained generally stable, market prices saw a moderate recovery, and high-quality development advanced with renewed vigor, marking a strong start for the national economy and further demonstrating its resilience and vitality.
On April 16, 2026, the State Council Information Office held a press conference in Beijing, where Deputy Director Mao Shengyong introduced the performance of the national economy in the first quarter of 2026 and answered questions from reporters.
The strong start to the year fully highlights the robust resilience of China's economy amid increasing external uncertainties and the spillover effects of geopolitical conflicts. Mao Shengyong noted, "From the production side, agricultural production has shown favorable conditions. In terms of industry, the value-added of large-scale industries nationwide accelerated by 1.1 percentage points compared to the previous quarter. The service sector also maintained rapid growth. On the demand side, the total retail sales of consumer goods in the first quarter increased by 0.7 percentage points year-on-year compared to the previous quarter; fixed asset investment turned from negative to positive, growing by 1.7% in the first quarter."
The solid performance in the first quarter has laid a strong foundation for the stable operation of the economy throughout the year and the achievement of annual targets. Yang Mian, Director of the Wuhan University Economic Research Institute, stated in an interview that the favorable start, driven by sustained industrial production, with the value-added of large-scale industries growing by 6.1% year-on-year, continues to play a stabilizing role in the macroeconomy. The better-than-expected export performance has also laid a solid foundation for achieving the annual economic growth target.
In March of this year, the Producer Price Index (PPI) rose by 0.5% year-on-year, marking the first increase after 41 consecutive months of decline. Luo Zhi, Vice Dean of the Wuhan University Economics and Management School, commented, "The turnaround in the PPI from negative to positive is partly due to improved supply-demand dynamics and factors related to imported inflation. However, overall, given the rapid growth trends in new drivers, new quality productive forces, and new technologies, I believe it also reflects significant improvements in supply-demand conditions within emerging strategic industries."
The strong start also fully demonstrates the vibrant vitality of China's economy. Data indicates that the rapid growth of new economic sectors and new drivers has injected dynamism into the economy. Deputy Director Mao Shengyong noted that the value-added of equipment manufacturing grew by 8.9% year-on-year in the first quarter, significantly faster than the overall industrial average, accounting for 35.1% of the total value-added of large-scale industries, with its share continuing to rise. High-tech manufacturing performed even more impressively, with a year-on-year growth of 12.5% in the first quarter.
In recent years, China has deepened the implementation of its innovation-driven development strategy, increasing investments and making concentrated efforts in technological and industrial innovation. These efforts have yielded positive results, driving domestic industrial upgrading. These "new" industries and "new" economic sectors are increasingly becoming key forces propelling economic growth. Luo Haiping, a researcher at the China Center for Central China Economic and Social Development at Nanchang University, stated, "Advanced manufacturing, led by high technology, is becoming the new hallmark of China's industrial sector." He added that industrial performance continued to improve in the first quarter, with the value-added of large-scale industries growing by 6.1% year-on-year, and business confidence steadily strengthening. New quality productive forces have become the strongest driver of China's sustained industrial economic growth. Equipment manufacturing and high-tech manufacturing, as core growth engines, recorded growth rates of 8.9% and 12.5%, respectively. High-end products characterized by green and intelligent features are becoming trends in new consumption patterns, serving as new drivers for economic growth and sustained investment and consumption.
The strong start also reflects the substantial progress in China's high-quality development. First-quarter data shows new advancements in coordination among industries, regions, and urban-rural areas, with notable achievements in high-quality development. Deputy Director Mao Shengyong highlighted that the share of equipment manufacturing and high-tech manufacturing in the value-added of large-scale industries further increased; the urban-rural per capita disposable income ratio narrowed by 0.04 year-on-year to 2.23; and resident income growth in central and western regions continued to outpace that of eastern regions. The overall stable employment situation, positive changes in prices, ample supply of essential consumer goods, effective measures to curb involutionary competition, the expansion of comprehensive service industry opening-up pilots, the smooth operation of the Hainan Free Trade Port, and the further expansion of pilot free trade zones to 23 all demonstrate the significant progress in high-quality development.
Yang Mian, Director of the Wuhan University Economic Research Institute, noted, "Resident incomes have grown steadily. Particularly, the real per capita disposable income of rural residents increased by 5.4%, higher than that of urban residents, narrowing the urban-rural income gap and allowing the public to share in the fruits of high-quality development."
The strong start also showcases China's institutional advantages and policy effectiveness. The socialist system with Chinese characteristics enables the concentration of resources to accomplish major tasks, with its advantages becoming more evident amid complex and changing external environments. Deputy Director Mao Shengyong stated, "Thanks to years of forward-looking布局 in developing the new energy industry and building a diversified energy supply system, China's economic autonomy and stability have been greatly enhanced." In recent years, rapid development in wind, solar, and other new energy sources has increased the share of non-fossil energy consumption, minimizing the impact of international crude oil market fluctuations on the domestic market.
Amid current geopolitical conflicts, international energy prices have surged significantly, causing supply shortages and severe disruptions to production and daily life in some countries. In contrast, China's energy resource supply remains stable and orderly, with strong guarantees for production and living energy needs. Yang Mian emphasized in an interview that leveraging its significant advantages in the new energy sector, China is accelerating the integration of computing and power, advancing toward becoming a "global intelligent hub," and reshaping the new landscape of high-quality development.
The strong first-quarter economic performance underscores the stability, strengths, resilience, and potential of China's economy, boosting confidence in its economic prospects. However, it is important to recognize that the complex and volatile international environment may bring increased uncertainties, while domestic economic operations face certain challenges. Deputy Director Mao Shengyong concluded, "Overall, opportunities outweigh challenges, and solutions outnumber difficulties. With our strong institutional advantages, accumulated industrial strengths, market advantages, and talent advantages, we are fully equipped to achieve stable annual economic operation and high-quality development. We are confident about the future."
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