Data released today by the National Bureau of Statistics (NBS) shows that from January to April, the national economy maintained a development trend characterized by stability and progress. Production and supply grew steadily, market sales continued to expand, the resilience of foreign trade remained evident, employment and prices were generally stable, new growth drivers expanded, and high-quality development demonstrated an upgrading and improving trend.
Against a backdrop of complex and severe international conditions, the ongoing spillover effects of geopolitical conflicts, high volatility in global energy markets, and increasing difficulties in global economic recovery, Fu Linghui, spokesperson for the NBS, Chief Economist, and Director of the Department of Comprehensive Statistics of the National Economy, stated at a press conference held by the State Council Information Office today that various regions and departments have implemented comprehensive policies, effectively carrying out more proactive fiscal policies and appropriately accommodative monetary policies. He noted that the national economy has maintained a trend of development towards upgrading and improvement, demonstrating strong resilience and vitality. However, he also pointed out, "The external situation is complex and volatile, the domestic imbalance between strong supply and weak demand remains prominent, some enterprises face operational difficulties, and the foundation for stable and improving economic performance still needs consolidation."
**Production and Supply Maintain Growth**
From the production side, industrial production continued to grow at a relatively fast pace. From January to April, the value added of industrial enterprises above the designated size increased by 5.6% year-on-year. By sector, mining grew by 5.5%, manufacturing by 5.8%, and the production and supply of electricity, thermal power, gas, and water by 4.5%. The equipment manufacturing and high-tech manufacturing sectors were notable highlights, growing rapidly. From January to April, the value added of equipment manufacturing increased by 8.7% year-on-year, and high-tech manufacturing increased by 12.6%, outpacing the overall industrial growth by 3.1 and 7.0 percentage points, respectively.
Fu Linghui explained that the strong growth in equipment manufacturing provides robust support for industrial upgrading and consumption expansion, contributing over 50% to the growth of industrial enterprises above the designated size from January to April. In terms of specific products, the output of 3D printing equipment, lithium-ion batteries, and industrial robots increased by 50.9%, 36.0%, and 25.7% year-on-year, respectively, during the same period. Additionally, in April, the Manufacturing Purchasing Managers' Index (PMI) stood at 50.3%, and the production and business activity expectation index was 54.5%, up 1.1 percentage points from the previous month.
Fu Linghui noted that while the growth rate of industrial production in April showed some fluctuation, such volatility is normal between months. On a cumulative basis, the value added of industrial enterprises above the designated size from January to April maintained a stable and relatively fast growth trend. Looking at April alone, the stable and improving momentum in industrial production remained unchanged.
**Service Retail Accelerates**
The service sector maintained steady growth. From January to April, the national service industry production index increased by 4.9% year-on-year. Within this, the production indices for information transmission, software and information technology services; leasing and business services; and finance grew by 10.9%, 9.3%, and 6.7% year-on-year, respectively. In April, the national service industry production index increased by 4.3% year-on-year. The business activity expectation index for the service sector was 55.4%, up 0.6 percentage points from the previous month. Business activity indices for industries such as railway transport, postal services, and telecommunications, radio, television, and satellite transmission services were in the high expansion range above 55.0%.
Service consumption also continued to grow rapidly. From January to April, service retail sales increased by 5.6% year-on-year, accelerating by 0.1 percentage points compared to the January-March period. Retail sales in categories such as communication and information services, tourism consulting and leasing services, cultural and sports leisure services, and transportation services grew rapidly.
Fu Linghui stated that this year, driven by measures to expand capacity and improve quality in the service sector, China's service industry has maintained steady growth, optimized and upgraded its structure, and steadily nurtured new growth drivers, showing a development trend of volume increase and quality improvement. Data from April shows that modern service industries grew well. The production index for information transmission, software and information technology services increased by 11.7% year-on-year, significantly faster than the overall service sector growth; the production index for leasing and business services increased by 10.7% year-on-year, accelerating by 0.6 percentage points from the previous month.
The driving role of emerging service industries is also strengthening. From January to April, online service retail sales increased by 8.3% year-on-year. Platform economy survey data shows that transaction volumes for tourism and sightseeing services grew by 15% year-on-year, and cultural and sports services grew by 10.4%; transaction volumes on key charging platforms grew by over 30%.
**Steady Consumption Growth Trend Remains Unchanged**
In terms of consumption, the scale of market sales continued to expand. From January to April, total retail sales of consumer goods reached 16,494.1 billion yuan, a year-on-year increase of 1.9%. Within this, retail sales of goods were 14,605.8 billion yuan, up 1.7%; catering revenue was 1,888.3 billion yuan, up 3.8%. Sales of basic living necessities and some upgraded goods grew relatively fast. From January to April, retail sales of grain, oil, and food; clothing, shoes, hats, textiles; and communication equipment by enterprises above the designated size increased by 8.6%, 8.1%, and 17.7% year-on-year, respectively. National online retail sales of goods and services reached 6,530.8 billion yuan, up 6.6% year-on-year. Within this, online retail sales of goods were 4,118.5 billion yuan, up 5.7%, accounting for 25.0% of total retail sales of consumer goods; online retail sales of services were 2,412.3 billion yuan, up 8.3%.
Regarding April's consumption data, Fu Linghui noted that while the growth rate of goods retail sales slowed due to factors including a high base from the same period last year, considering both goods and services retail sales, the trend of steady consumption growth remains unchanged. Service retail growth accelerated, retail sales of some upgraded goods grew rapidly, and new forms of consumption developed and expanded.
The acceleration in service consumption growth is a significant change in the consumption structure. From January to April, retail sales in tourism consulting and leasing services, transportation services, and cultural and sports leisure services all maintained double-digit growth, significantly faster than the overall service retail sales growth. In April, the Qingming holiday, combined with the implementation of spring break systems for primary and secondary schools in some provinces, enhanced the driving effect of cultural and tourism consumption.
New forms of consumption also maintained good growth momentum. From January to April, retail sales of communication and information services increased by over 10% year-on-year; instant retail grew by over 10%, and retail sales at unattended stores grew by over 20%. Additionally, in April, sales of new energy vehicles in China increased by 9.7% year-on-year.
**Imports Grow Faster Than Exports**
Regarding foreign trade, from January to April, the total value of goods imports and exports reached 16,225.2 billion yuan, a year-on-year increase of 14.9%. Exports were 9,328.0 billion yuan, up 11.3%; imports were 6,897.2 billion yuan, up 20.0%. The trade structure continued to optimize. From January to April, general trade imports and exports increased by 8.5% year-on-year; imports and exports with Belt and Road partner countries grew by 13.5%; imports and exports by private enterprises grew by 15.9%; and exports of mechanical and electrical products grew by 17.6%.
In April alone, the total value of goods imports and exports was 4,377.8 billion yuan, up 14.2% year-on-year. Exports were 2,481.7 billion yuan, up 9.8%; imports were 1,896.0 billion yuan, up 20.6%.
Fu Linghui stated that amid global instability and shocks to global industrial and supply chains, China has actively expanded high-level opening-up. Relying on its complete industrial system and continuously improving product and service quality, it has promoted relatively fast growth in foreign trade, injecting stability and certainty into the world economy. In terms of major trading partners, from January to April, China's goods imports and exports with ASEAN, the EU, and Belt and Road partner countries all maintained double-digit growth rates. In terms of exports, green products and high-tech product exports grew rapidly. From January to April, China's exports of green and low-carbon products such as electric vehicles and wind turbine generators increased by over 40% year-on-year, and exports of high-tech products increased by 27.6%.
**Prices Recover Mildly**
Employment and prices are important indicators for observing economic stability. From January to April, the national average surveyed urban unemployment rate was 5.3%. In April, the national surveyed urban unemployment rate was 5.2%, down 0.2 percentage points from the previous month; the surveyed unemployment rate in 31 major cities was 5.2%, down 0.1 percentage points from the previous month.
Regarding prices, from January to April, the national Consumer Price Index (CPI) increased by 0.9% year-on-year. In April, the national CPI increased by 1.2% year-on-year, with the growth rate expanding by 0.2 percentage points from the previous month; it increased by 0.3% month-on-month. The core CPI, which excludes food and energy prices, increased by 1.2% year-on-year.
Wang Guanhua, Deputy Director of the Department of Comprehensive Statistics of the National Economy, stated that the CPI increased by 1.2% year-on-year in April, remaining at 1% or above for three consecutive months. Both the CPI and core CPI saw their growth rates rise, with the increases being generally mild overall.
Changes also appeared in producer prices. From January to April, the national Producer Price Index (PPI) for industrial producers increased by 0.2% year-on-year, marking the first time the cumulative growth rate of this index has turned positive since 2023. In April, the PPI increased by 2.8% year-on-year, with the growth rate expanding by 2.3 percentage points from the previous month; it increased by 1.7% month-on-month, maintaining a month-on-month increase for seven consecutive months.
Wang Guanhua noted that the expansion in the PPI growth rate in April was due to both imported influences from fluctuations in international commodity prices and results from domestic structural upgrading, gradual optimization of market competition order, and improved demand in some sectors. The recovery in industrial product prices has a positive effect on improving corporate profit expectations, but this price recovery is currently uneven, with relatively noticeable increases in upstream production materials prices. Attention is needed on the potential impact this may have on costs for midstream and downstream enterprises.
**Upgrading and Improving Trend Continues to Emerge**
High-tech industries were frequently mentioned during the press conference. From January to April, the value added of high-tech manufacturing enterprises above the designated size increased by 12.6% year-on-year. In terms of products, the output of 3D printing equipment, lithium-ion batteries, and industrial robots increased by 50.9%, 36.0%, and 25.7%, respectively. In terms of market sales, the penetration rate of high-tech products increased. In April, the domestic retail penetration rate of new energy vehicles exceeded 60% for the first time. In the international market, from January to April, China's exports of high-tech products increased by 27.6% year-on-year, significantly faster than total exports, accounting for 27.9% of total export value.
In terms of investment, investment in high-tech industries increased by 6.1% year-on-year, significantly faster than overall investment. Within this, investment in aerospace vehicle and equipment manufacturing and computer and office equipment manufacturing increased by 17.9% and 13.9%, respectively, and investment in information services increased by 18.1%.
Overall, China's high-tech industries are thriving, showing a clear trend of improvement and upgrading, increasingly becoming an important force supporting stable economic operation and high-quality development.
Wang Guanhua stated that while there are still some new situations and old problems in the current economic operation, such as the deepening impact of changes in the external environment, the prominent contradiction between strong domestic supply and weak demand, and operational difficulties for some enterprises in certain industries, judging from cumulative indicators, macro indicators, and some structural indicators, the main theme of "stability" in the Chinese economy has not changed. Moving forward, China will continue to fully utilize macro policies, implement targeted measures, enhance precision in policy implementation, and strengthen the internal driving force of economic development.
