The year 2026 marks the beginning of the 15th Five-Year Plan period, with China's economy delivering a robust performance from January to April. Data released by the National Bureau of Statistics on May 18 shows that the national economy maintained a stable and progressive development trend during this period. Production and supply grew steadily, market sales continued to expand, the resilience of foreign trade remained evident, employment and prices remained generally stable, and new growth drivers continued to strengthen, indicating high-quality development moving towards innovation and optimization. Behind these figures, what structural changes are noteworthy? Amid a complex domestic and international environment, what underpins this momentum towards innovation and optimization?
Highlight One: Strong Growth Momentum in Manufacturing and Accelerated Industrial Upgrading From January to April, the value-added of industrial enterprises above the designated size increased by 5.6% year-on-year, maintaining relatively rapid growth. The value-added of equipment manufacturing grew by 8.7%, while that of high-tech manufacturing increased by 12.6%. "Not only have we stabilized the fundamentals, but we have also achieved notable progress in structural optimization and momentum transformation," analyzed Wang Shoukun, a professor at the School of Economics, Jiangxi University of Finance and Economics. While the economy maintained relatively fast growth, the industrial structure continued to optimize, with high-tech manufacturing and equipment manufacturing emerging as frontrunners. Notably, products representing future trends, such as 3D printing equipment, lithium-ion batteries, and industrial robots, showed impressive production growth rates. "The pace of industrial upgrading is accelerating, and new drivers of economic development are thriving."
Highlight Two: Dual Drivers of Service Consumption and Online Consumption Boosting Domestic Demand From January to April, the service industry production index grew by 4.9% year-on-year, maintaining overall stability. Total retail sales of consumer goods increased by 1.9% year-on-year. New forms and scenarios of consumption continued to emerge, with new business models such as instant retail experiencing rapid growth. Experts believe that consumer willingness to spend on communication, information, travel, tourism, culture, sports, and leisure is on the rise. Meanwhile, digital consumption has become a significant engine driving market sales. The domestic demand market is continuously upgrading towards a service-oriented and quality-focused transformation.
Highlight Three: Continued Optimization of High-Tech Industry Investment and Foreign Trade Structure From January to April, investment in high-tech industries grew by 6.1% year-on-year. Within this, investment in the aviation, aerospace, and equipment manufacturing sector increased by 17.9%, computer and office equipment manufacturing by 13.9%, and information services by 18.1%. Foreign trade data demonstrated strong resilience, with total goods imports and exports reaching 16.2252 trillion yuan from January to April, a year-on-year increase of 14.9%. Imports and exports with countries participating in the Belt and Road Initiative grew by 13.5%. Imports and exports by private enterprises increased by 15.9%. Exports of mechanical and electrical products rose by 17.6%. Luo Haiping, a researcher at the China Center for Economic and Social Development in Central China at Nanchang University, noted, "The national economy is stable and progressive, with quality improvements, and 'newness' within 'stability, progress, and quality.' New quality productive forces have become the key driver supporting and propelling the sustained positive momentum of China's economy. Breakthroughs in foreign trade and industry provide strong support for achieving targets in the first half of the year and the full year."
Fu Linghui, spokesperson for the National Bureau of Statistics, stated that in the next stage, it is essential to implement more proactive fiscal policies and moderately accommodative monetary policies precisely and effectively. Efforts should focus on continuously expanding domestic demand, optimizing supply, improving incremental growth, revitalizing existing resources, enhancing the endogenous driving force of economic development, further strengthening the domestic circulation, optimizing the dual circulation of domestic and international markets, and promoting sustained and healthy economic development.
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