China's first-quarter GDP grew by 5%. Some might say this figure is not much different from previous rates. But pause for a moment and consider the context: last year's first-quarter economic base was already relatively high, external pressures from continuous interest rate hikes in Europe and the U.S. weighed on trade, the domestic real estate market remains in an adjustment phase, and consumer spending has yet to fully take off. Despite these overlapping challenges, China's gross domestic product reached 33.4193 trillion yuan in the first quarter, with the 5% growth rate hitting the upper end of this year's full-year target range of 4.5% to 5%. As the first report card for the beginning of the 15th Five-Year Plan period, this performance is quite satisfactory.
A closer look at the details reveals more: structurally, equipment manufacturing grew by 8.9%, accounting for 35.1% of industrial value-added and contributing nearly half of industrial growth. High-tech manufacturing expanded by 12.5%, and although it represents less than 20% of the total, it contributed 32.6% of industrial growth and 51.8% of industrial profits. Simply put, a small number of high-end, precision, and advanced enterprises are carrying the bulk of economic growth. New quality productive forces are becoming the core engine of expansion.
In foreign trade, imports and exports exceeded 11 trillion yuan in the first quarter, rising by 15%—the best performance for the same period in nearly five years. Moreover, growth is no longer driven by low-price, small commodity competition. Exports of mechanical and electrical products accounted for over 60% of the total, with new energy vehicles, lithium batteries, and wind power equipment seeing explosive growth overseas. Countries around the world are eager to buy China's high-tech products. This shift from competing on production capacity to competing on innovation is the real strength of China's foreign trade.
Turning to consumption, which is of great public concern, retail sales grew by 2.4% year-on-year in the first quarter, showing some recovery but still reflecting a weak rebound. The Spring Festival holiday and trade-in programs provided short-term boosts, but growth slowed again in March, indicating that a full recovery in consumption will take time. The restoration of household income and confidence is a gradual process.
From a broader perspective, the 5.0% growth rate is a microcosm of China's economic transformation. From Jiangmen's motorcycle industry chain making a mark on the global stage, to high-end manufacturing, low-altitude economy, and artificial intelligence becoming new growth engines—China is shifting from relying on real estate and exports to driving growth through technology, industrial upgrading, and policy coordination. The economy is moving from "Made in China" to "Created in China."
China's economy demonstrates both macroeconomic stability and micro-level vitality. In the first year of the 15th Five-Year Plan period, this steady yet progressive momentum offers a more concrete expectation for the dual improvement in the quality and efficiency of China's economy.
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