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 Head of the National Bureau of Statistics stated that in the first quarter, growth in production and supply accelerated, market demand continued to improve, the employment situation remained generally stable, market prices showed a moderate recovery, and high-quality development advanced with new and improved characteristics. The national economy achieved a strong start, further demonstrating its resilience and vitality.
On April 16, 2026, the State Council Information Office held a press conference in Beijing where the Deputy Head of the National Bureau of Statistics introduced the performance of the national economy in the first quarter of 2026 and answered questions from journalists.
Strong Resilience Since the beginning of this year, external instabilities and uncertainties have significantly increased, with the spillover effects of geopolitical conflicts spreading. The strong start fully demonstrates the robust resilience of China's economy.
The Deputy Head said, "From the production side, agricultural production conditions are relatively favorable. In terms of industry, the value-added of industrial enterprises above the designated size nationwide in the first quarter accelerated by 1.1 percentage points compared to the previous quarter. The service sector also maintained rapid growth. From the demand side, the year-on-year growth rate of total retail sales of consumer goods in the first quarter accelerated by 0.7 percentage points compared to the previous quarter; fixed-asset investment turned from negative to positive, growing by 1.7% in the first quarter."
The strong economic performance in the first quarter has laid a solid foundation for the stable operation of the economy throughout the year and the achievement of annual targets.
The Director of the Wuhan University Economic Research Institute stated in an interview that the good start, driven by sustained industrial production momentum, saw the value-added of industrial enterprises above the designated size increase by 6.1% year-on-year, continuing to play the role of a "ballast stone" for the macroeconomy; export performance exceeded expectations, laying a solid foundation for achieving the annual economic growth target.
In March this year, the Producer Price Index (PPI) rose by 0.5% year-on-year, marking the first increase after 41 consecutive months of decline.
"The turnaround of the PPI from negative to positive is partly due to improved supply-demand relationships and factors related to imported inflation. However, overall, combined with the rapid growth trend of new drivers, new quality productive forces, and new technologies, I believe it also reflects a significant improvement in the supply-demand dynamics of emerging strategic industries," said the Vice Dean of the Wuhan University Economics and Management School.
Vibrant Vitality The strong start fully reflects the vigorous vitality of China's economy. Data shows that the rapid growth of the new economy and new drivers brings economic dynamism.
Deputy Head of the National Bureau of Statistics stated that the value-added of the equipment manufacturing industry increased by 8.9% year-on-year in the first quarter, significantly faster than the overall industrial enterprises above the designated size, accounting for 35.1% of the total value-added of industrial enterprises above the designated size, with its share continuing to rise. High-tech manufacturing grew even more impressively in the first quarter, with a year-on-year increase of 12.5%.
In recent years, China has deeply implemented the innovation-driven development strategy, increasing investment and focusing on breakthroughs in technological and industrial innovation. Concerted efforts across various sectors have yielded excellent results, driving domestic industrial structure upgrading. These "new" industries and "new" economy are increasingly becoming the backbone forces propelling economic growth.
"Advanced manufacturing, led by high technology, is becoming the new foundation of China's industrial sector," said a researcher at the China Center for Central China Economic and Social Development Research at Nanchang University. He added that in the first quarter, China's industrial sector continued its recovery and improvement, with the value-added of industrial enterprises above the designated size growing by 6.1% year-on-year, and corporate production and business confidence steadily strengthening. New quality productive forces have become the strongest driver pulling China's industrial economy towards sustained improvement. Equipment manufacturing and high-tech manufacturing, as the core growth engines of China's industry, achieved growth rates of 8.9% and 12.5% respectively. High-end products characterized by green and intelligent features are becoming trends in China's new consumption patterns and serve as new drivers stimulating economic growth, investment, and consumption.
Solid Quality The strong start fully reflects the substantial quality of China's high-quality development. First-quarter data indicates new progress in coordination between industries, regions, and urban-rural areas, with significant achievements in high-quality development.
"The share of equipment manufacturing and high-tech manufacturing in the value-added of industrial enterprises above the designated size further increased in the first quarter; the urban-rural per capita disposable income ratio was 2.23, narrowing by 0.04 year-on-year; and resident income growth in the central and western regions continued to outpace that of the eastern region," stated the Deputy Head of the National Bureau of Statistics. He mentioned that the employment situation is generally stable, prices show positive changes, the supply of essential consumer goods is sufficient, the effectiveness of curbing involutionary competition is continuously emerging, the comprehensive pilot program for opening up the service sector has expanded, the Hainan Free Trade Port is operating smoothly and orderly, and the number of pilot free trade zones has increased to 23. These data points demonstrate the significant results achieved in China's high-quality development.
"Resident income has grown steadily. Particularly, the real per capita disposable income of rural residents increased by 5.4%, higher than the growth rate for urban residents, leading to a continued narrowing of the urban-rural income gap. This shows that the people are sharing in the fruits of high-quality development," said the Director of the Wuhan University Economic Research Institute.
Superior System The strong start fully demonstrates China's institutional advantages and policy effectiveness.
The socialist system with Chinese characteristics possesses the advantage of concentrating resources to accomplish major tasks. The more complex and volatile the external environment becomes, the more pronounced China's institutional advantages are.
"Thanks to the forward-looking layout and development of the new energy industry over many years, we have built a diversified energy supply system, greatly enhancing the autonomy and stability of China's economy," said the Deputy Head of the National Bureau of Statistics. He added that in recent years, new energy sources like wind and solar power have developed rapidly, the proportion of non-fossil energy consumption has risen, and fluctuations in the international crude oil market have had a relatively limited impact on the domestic market.
Affected by current geopolitical conflicts, international energy prices have risen sharply, leading to soaring oil prices and supply shortages in some countries, severely impacting production and daily life. In contrast, China's energy resource supply remains stable and orderly, with strong guarantees for production and living energy needs.
Leveraging its significant advantages in the new energy sector, China is accelerating the coordination between computing power and electricity, transitioning towards becoming a "global intelligent hub," and reshaping the new landscape for high-quality development, stated the Director of the Wuhan University Economic Research Institute in an interview.
The economy achieved a strong start in the first quarter, showcasing the characteristics of a stable foundation, multiple advantages, strong resilience, and great potential inherent in China's economy, thereby boosting confidence in the country's economic prospects. However, it is also important to recognize that the international environment remains complex and volatile, with potential increases in uncertain and unpredictable factors, and the domestic economy faces some difficulties and challenges.
"Overall, opportunities outweigh challenges, and solutions are more numerous than difficulties. We possess strong institutional advantages, accumulated industrial strengths, market advantages, and talent advantages built up over the long term. Therefore, we are fully equipped to achieve stable economic performance and high-quality development throughout the year. We are confident about the future," said the Deputy Head of the National Bureau of Statistics.
Comments