At the 4th China International Consumer Goods Expo being held in Hainan, exhibiting brands from all over the world are competing to release their charms...... The vivid picture of China's economy has been combined into a striking report card: the latest data released by the National Bureau of Statistics showed that gross domestic product (GDP) increased by 5.3% year-on-year in the first quarter.
The previous government work report set this year's economic growth target at "about 5%", and the report card of the first quarter means that economic growth has achieved a "good start". The year-on-year growth rate of 5.3% is not only the highest in three quarters, but also higher than the previous expectations of many international institutions, which is enough to reassure people about the present and more confidence in the future.
The strongest picture of the economy in the first quarter came from the strong manufacturing sector. Manufacturing is the lifeblood of the mainland's economy, the foundation of the country, and the foundation of a strong country. In the first quarter, the added value of industrial enterprises above designated size increased by 6.1 percent year-on-year. Among them, the added value of high-tech manufacturing increased by 7.5%, 2.6 percentage points faster than the fourth quarter of last year, which reflects the solid progress of high-quality development. The products with significant growth include charging piles, 3D printing equipment, and electronic component products, whose output increased by 41.7%, 40.6%, and 39.5% year-on-year respectively. Due to the optimistic prospects of high-tech manufacturing, capital is also flowing into this field, and investment in aerospace and equipment manufacturing, computer and office equipment manufacturing increased by 42.7% and 11.8% respectively in the first quarter, which lays the foundation for future growth in these fields.
One of the warmest aspects of the economic picture in the first quarter came from the increase in residents' incomes. In the first quarter, the per capita disposable income of residents nationwide increased by 6.2 percent in real terms after deducting price factors. Income growth is higher than economic growth, which means that people's lives are generally better. Linked to income growth was the improvement in the employment situation during the same period, with the national average surveyed urban unemployment rate at 5.2 percent, down 0.3 percentage points from the same period last year. With money in your pocket, no panic, stable income, and assured consumption, the result is that the number of domestic tourism trips and travel expenses during the Qingming holiday have achieved double-digit growth compared with 2019 before the epidemic, especially the per capita consumption expenditure has exceeded the level of the same period before the epidemic for the first time. Coupled with the fact that the box office of holiday movies has set a new record for the same period in history, and the recovery of outbound travel has accelerated, this means that consumption willingness has further recovered.
The brilliant economic picture in the first quarter is inseparable from the implementation of various policies since the beginning of the year, which has effectively promoted economic growth. The tone of monetary policy remains loose and the supporting measures for stable growth are consistent, creating a good environment for fair competition and competitive development for business entities. Promote equipment upgrades and trade-in consumer goods, and bring the supply side and the demand side closer together by stimulating the consumption of commodities such as home appliances and automobiles.
In the face of a series of difficulties and challenges at home and abroad, it is not easy for the economy to achieve such a report card in the first quarter. After getting a good start, we need to continue to work hard to accelerate the expansion of new industries, new models and new kinetic energy, and continue to accumulate endogenous momentum for development, so that the vivid economic picture will continue to continue.
(Text丨Kong Linglong)
Editor in charge: Liu Bo