China's economy has demonstrated a strong start to the year, with key indicators exceeding expectations, showcasing its robust resilience and vitality. This assessment was provided during a meeting of the Political Bureau of the CPC Central Committee on April 28, which analyzed the performance of the national economy since the beginning of the year. Shortly before this, China's first-quarter economic report was released, showing that the GDP grew by 5.0% year-on-year, an acceleration of 0.5 percentage points from the previous quarter. This growth rate is expected to remain among the highest globally for major economies.
In the inaugural year of the 15th Five-Year Plan period, despite a sluggish global economic recovery and rising spillover risks from geopolitical conflicts, China has effectively responded to external changes. With a proactive stance, it has delivered a strong initial performance, presenting an economic report card full of resilience. This resilience is underpinned by a transformation between the "new" and the "old." Examining the first-quarter economic report reveals clear signals of industrial upgrading towards innovation: the share of equipment manufacturing in the value-added of large-scale industries rose to 35.1%, while the proportion of high-tech manufacturing increased further. From the world's first 5-ton electric vertical take-off and landing aircraft completing its transition flight to humanoid robot contestants breaking the human world record for a half-marathon, emerging and future industries are accelerating technological iteration. More scientific and technological innovations are being applied, with new economic forms and growth drivers rapidly developing, injecting vitality into the economy.
Actively cultivating new growth drivers while updating traditional ones is essential for optimizing and upgrading the industrial structure through principled innovation. Currently, digital and intelligent technologies, represented by artificial intelligence, are deeply integrating into traditional industries. Across the country, efforts are accelerating to promote intelligent and digital transformation, helping traditional industries upgrade and renew. The global acclaim for innovations like the "Zhangxue Locomotive" serves as a vivid example of Chinese manufacturing advancing towards higher-end, smarter, and greener production.
This resilience also reflects the synergy between "internal" and "external" factors. Domestic demand contributed 84.7% to China's economic growth in the first quarter. Since the start of the year, special campaigns to boost consumption have been implemented, the experiential economy has flourished, and new business forms and models have continuously stimulated diverse consumer demand. By closely linking efforts to benefit people's livelihoods with promoting consumption, and investing in both physical assets and human capital, more fiscal funds and public resources are being directed towards education, employment, and elderly care. This approach makes high-quality development more resilient and people-centered.
Starting May 1, zero-tariff treatment will be applied to all African countries having diplomatic relations with China; the "Catalogue of Encouraged Imported Services" has added categories such as "medical and health services"; and the China (Inner Mongolia) Pilot Free Trade Zone was inaugurated. These recent opening-up measures send a clear signal: China is willing to be not only the "world's factory" but also the "world's market," promoting win-win cooperation through higher-level openness.
Furthermore, this resilience embodies the connection between the "immediate" and the "long-term." This spring, a blueprint for continued efforts illuminates the path for China's long-term positive development. The outline for the 15th Five-Year Plan specifies 20 major indicators, 16 major strategic tasks, and 109 major engineering projects, charting a clear roadmap for the next five years. Achieving socialist modernization requires relentless and sustained effort. It is necessary to base actions on the current situation, solidly carrying out various economic tasks, while also maintaining historical patience and strategic resolve, unifying immediate actions with long-term planning to forge the long-term resilience of China's high-quality development.
The central government has allocated 100 billion yuan to support fiscal and financial coordination in boosting domestic demand; the quota for relending funds to support scientific and technological innovation and technological transformation has been increased to 1.2 trillion yuan; and many regions have established future industry funds, using "patient capital" to nurture "future blossoms." Since the beginning of the year, multiple policy measures have aimed both at resolving the current prominent contradiction of strong supply versus weak demand and at shaping new long-term competitive advantages. This dual focus on seizing the day and persevering for the long term helps consolidate foundations and accumulate momentum.
The 15th Five-Year Plan period is a critical phase for laying a solid foundation and exerting comprehensive efforts towards basically achieving socialist modernization. In this开局之年, seizing the precious window of opportunity and concentrating on managing our own affairs well will lay a solid foundation for gaining the initiative in development. The部署 from the Political Bureau meeting, such as "enhancing the forward-looking, flexible, and targeted nature of monetary policy," "strengthening the planning and construction of water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipe networks, and logistics networks," and "developing new forms of the intelligent economy," chart the direction and path for achieving a good start to the 15th Five-Year Plan period.
On April 27, the international credit rating agency Moody's released a report deciding to maintain China's sovereign credit rating at "A1" and upgrading its outlook to "stable." Against the backdrop of global economic shocks and challenges, this reflects a long-term positive view of China's development and indicates international consensus on the resilience of the Chinese economy.
Standing at the new starting point of the 15th Five-Year Plan period, the road ahead may have rough waves, but time and momentum remain on our side. With firm confidence and strategic resolve, confronting various uncertainties with the certainty of high-quality development, the Chinese economy is poised to forge an even brighter future through resilient progress.
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