In Q1 2023, China’s GDP growth reached 4.5%, driven by solid performances across various sectors, according to National Bureau of Statistics of China. GDP in Q1 reached reached 28,499.7 billion yuan.
The industrial production value added grew by 5.2% year on year, while the service sector expanded by 5.4%. Notably, contact-intensive services such as accommodation and catering experienced rapid growth.
The total retail sales of consumer goods increased by 5.8% year on year, recovering from a 2.7% decline in Q4 2022. Upgraded goods showed significant growth, with online retail sales reaching 3,286.3 billion yuan, up 8.6%.
Investment in fixed assets remained steady, with a year-on-year increase of 5.1%, while high-tech industries witnessed a 16.0% growth in investment. Investment in social sectors, such as health and education, also increased by 8.3%.
Imports and exports of goods continued to grow, with a 4.8% increase in total value. Exports grew by 8.4%, and imports by 0.2%. The trade balance showed a surplus of 1,409.0 billion yuan.
Consumer prices rose mildly, with the Consumer Price Index (CPI) increasing by 1.3% year on year. Meanwhile, producer prices for industrial products dropped by 1.6% year on year.
Employment remained generally stable, with the urban surveyed unemployment rate averaging 5.5% in Q1. By the end of the quarter, the number of rural migrant workers totaled 181.95 million.
Residents’ income increased steadily, with per capita disposable income reaching 10,870 yuan, a nominal growth of 5.1% year on year. Rural residents’ income grew faster than that of urban residents, showing real growth of 4.8% compared to 2.7% for urban residents.
Although the national economy demonstrated a steady recovery, challenges persist due to the complex global situation, inadequate domestic demand, and an unstable economic recovery foundation.
China must focus on economic stability and pursue progress while maintaining stability to address these challenges. Efforts should be directed towards high-quality development, deepening reforms, promoting high-standard opening up, and unleashing the potential of domestic demand.