China's gross domestic product (GDP) reached 33.4193 trillion yuan in the first quarter, a year-on-year increase of 5.0% after adjusting for inflation. This growth rate was 0.5 percentage points higher than the rate recorded in the fourth quarter of the previous year. The national economy demonstrated a stable start and positive momentum for the year, with high-quality development showing new signs of improvement.
Key economic indicators performed commendably, reflecting a gradual recovery in both supply and demand. The value added of industrial enterprises above the designated size grew by 6.1% year-on-year. The service sector saw a 5.2% increase in value added. Fixed asset investment nationwide, excluding real estate development, rose by 4.8%. The total value of goods imports and exports surged by 15.0% year-on-year.
On the production side, agricultural conditions were favorable. Industrial growth accelerated by 1.1 percentage points compared to the previous quarter. Among 41 major industrial sectors, 34 experienced growth, representing 82.9% of the total. The leasing and business services sector, along with information transmission, software, and information technology services, posted robust growth of 12.2% and 10.6%, respectively.
In terms of demand, total retail sales of consumer goods increased by 2.4% year-on-year, accelerating by 0.7 percentage points from the previous quarter. Retail sales of goods rose by 2.2%, while revenue from the catering sector grew by 4.2%. Domestic demand showed overall improvement, with service consumption being a notable highlight. The contribution rate of domestic demand to economic growth reached 84.7%, an increase of nearly 30 percentage points year-on-year. Service consumption grew by 5.5%, outpacing goods retail sales by 3.3 percentage points, driven by holiday spending and strong demand in cultural, tourism, and event-related sectors.
New forms of consumption continued to gain traction. Online retail sales of goods and services jumped by 8.0%, significantly faster than the overall growth of retail sales. New retail models, such as unmanned stores and warehouse membership clubs, maintained double-digit growth.
Nationwide fixed asset investment increased by 1.7% year-on-year, turning positive after previous declines. Investment in the primary industry surged by 15.9%, while the secondary industry saw a 5.8% rise. Excluding real estate development, private investment grew by 1.3%. Investment in high-tech industries climbed by 7.4%, with notable increases in computer and office equipment manufacturing (28.3%), aerospace equipment manufacturing (19.0%), and information services (20.9%).
Goods import and export volume reached its highest quarterly growth rate in nearly five years. The total value of trade in goods hit 11.84 trillion yuan, a 15% year-on-year increase, marking the first time quarterly trade volume has exceeded 11 trillion yuan.
The high-tech manufacturing sector exhibited strong growth, with value added increasing by 12.5% year-on-year. Its share of industrial value added above the designated size rose to 16.9%, contributing 2 percentage points to overall industrial growth. Sectors with high technological content, such as aerospace equipment manufacturing and aircraft manufacturing, grew by 17.7% and 27.3%, respectively. High-tech manufacturing, while accounting for less than 20% of total industrial value added, contributed 32.6% to industrial growth. From January to February, it accounted for 51.8% of the profit growth of industrial enterprises.
Intelligent development is playing an increasingly significant role. The commercial application of artificial intelligence has achieved阶段性突破. By March, the average daily token calls exceeded 140 trillion, an increase of over 40% from the end of the previous year, driving rapid growth across various sectors.
Traditional industries are also accelerating their升级 through new technologies and products. Investment in equipment and tool purchases grew by 13.9% in the first quarter. For instance, within the chemical fiber industry, the contribution of bio-based material manufacturing to value-added growth increased by 14.4 percentage points year-on-year.
Looking ahead, despite external uncertainties and domestic challenges such as the imbalance between strong supply and weaker demand, China possesses strong institutional advantages, a solid industrial base, vast market potential, and a talented workforce, providing a solid foundation for achieving stable annual economic growth and high-quality development. Market research indicates abundant orders in many industries, particularly in emerging sectors, suggesting sustained rapid growth in the coming quarters.
Policy effects are expected to continue materializing. Significant policy measures introduced previously are already yielding results, with more impact anticipated. A series of major strategic tasks, reform initiatives, and key projects are set to be implemented. Ample policy space and reserves remain available to support steady economic performance. The continued release of policy support, coupled with a solid foundation for improving domestic demand—especially the potential of service consumption—will underpin the economy's sustained recovery.
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