CCTV News:The State Council Press Office held a press conference on the morning of April 16th, and the relevant person in charge of the National Bureau of Statistics released the main data of national economic operation in the first quarter. From the perspective of various core indicators, China’s economy continued to pick up and made a good start.
According to preliminary accounting, in the first quarter of 2024, the GDP was 296.299 billion yuan, with a year-on-year increase of 5.3% at constant prices. In terms of industries, the added value of the primary industry was 1,153.8 billion yuan, a year-on-year increase of 3.3%; The added value of the secondary industry was 10,984.6 billion yuan, an increase of 6.0%; The added value of the tertiary industry was 17,491.5 billion yuan, an increase of 5.0%.
In the first quarter, industrial production grew rapidly. The added value of industrial enterprises above designated size increased by 6.1% year-on-year, and that of high-tech manufacturing increased by 7.5%, 2.6 percentage points faster than that in the fourth quarter of last year. 1— In February, the total profits of industrial enterprises above designated size reached 914.1 billion yuan, up 10.2% year-on-year.
In the first quarter, market sales grew steadily and service consumption grew rapidly. The total retail sales of social consumer goods was 12,032.7 billion yuan, a year-on-year increase of 4.7%. Retail sales of services increased by 10.0% year-on-year.
The total import and export volume of goods was 10,169.3 billion yuan, up 5.0% year-on-year, and the trade structure continued to be optimized. Investment in fixed assets in China increased by 4.5% year-on-year, 1.5 percentage points faster than that in the previous year, and investment in high-tech industries increased rapidly.
In the first quarter, the national consumer price was flat year-on-year, and the employment situation was generally stable. The income of residents has increased steadily, and the income of rural residents has increased faster than that of urban residents.
Sheng Laiyun, deputy director of the National Bureau of Statistics, said that on the whole, the national economy started well in the first quarter, and the positive factors accumulated, which laid a good foundation for achieving the goals and tasks for the whole year.
The contribution rate of consumption to economic growth reached 73.7% in the first quarter.
In the economic data of the first quarter, we also selected several highlights:Strong consumption vitality, overall stable prices, continuous cultivation of new quality productivity, and industrial recovery.. First of all, in terms of consumption, in the first quarter, the contribution rate of consumption to economic growth reached 73.7%, which played an important supporting role in the economic recovery.
In the first quarter, physical consumption was generally stable. The total retail sales of social consumer goods increased by 4.7% year-on-year in the first quarter, and the total retail sales of social consumer goods exceeded 12 trillion yuan.
At the same time, service consumption grew rapidly. In the first quarter, the retail sales of services increased by 10% year-on-year, which was 6 percentage points higher than the retail sales of commodities. Residents’ service consumption expenditure accounted for 43.3%, an increase of 1.6 percentage points over the same period last year. Service consumption is accelerating.
In addition, online consumption continues to be strong. In the first quarter, the online retail sales of physical goods increased by 11.6% year-on-year. Driven by some new technologies, the new online sales model was constantly innovated and the sales record was constantly refreshed.
Since the beginning of this year, the upgrading consumption of Chinese residents has continued to improve. From the retail point of view, the year-on-year growth rate of sales of sports and entertainment products and communication equipment exceeded double digits. From the perspective of residents, the expenditure on transportation and communication, education, culture and entertainment are also double-digit growth.
In the first quarter, the consumer price index was generally stable.
Consumption is full of vitality. At the same time, the consumer price index (CPI) is generally stable. Official website, the National Bureau of Statistics, released a trend chart on the rise and fall of consumer prices in China, with the blue chart showing year-on-year and the yellow chart showing month-on-month. It can be seen that in March 2024, the national consumer price rose by 0.1% year-on-year and decreased by 1.0% quarter-on-quarter. At the press conference, Sheng Laiyun, deputy director of the National Bureau of Statistics, analyzed that the data in March was mainly due to the seasonal decline in prices after the Spring Festival, and the prices of services such as food and tourism dropped significantly. From a quarterly perspective, the consumer price index is generally stable.
Sheng Laiyun said that from the CPI index itself, the CPI was negative in the fourth quarter of last year, and the average CPI in the fourth quarter was -0.3%, while the CPI in the first quarter of this year was flat year-on-year. From the perspective of ring comparison, the ring comparison in the first quarter of this year was 0.3 percentage points higher than that in the fourth quarter of last year, which is consistent with the economic recovery.
Sheng Laiyun said that from the future trend, consumer prices will slowly pick up at a low level. On the one hand, the economy continues to improve and the total demand is picking up, which is a very important fundamental factor to support the CPI recovery. In addition, the prices of some agricultural products have also reached the inflection point of price adjustment, such as the price of live pigs. The next holiday consumption, including "May Day", will continue to drive the tourism-related travel consumer prices to pick up.
New quality productivity is constantly being cultivated and developed.
Judging from the relevant data in the first quarter, the development of new quality productivity has also begun to show new results in some industries and products.
From the perspective of new industries, emerging industries continue to accelerate their development. In the first quarter, the added value of high-tech manufacturing above designated size increased by 7.5% year-on-year, up by 2.6 percentage points over the fourth quarter of last year; The high-tech service industry continued to maintain a rapid growth trend, with the added value of information transmission, software and information technology services increasing by 13.7%, 2.5 percentage points higher than that in the fourth quarter of last year.
New investment and new infrastructure continued to show a good momentum of development. In the first quarter, investment in high-tech industries increased by 11.4% year-on-year, 1.1 percentage points higher than last year; Investment in high-tech service industry increased by 12.7%.
The upward trend of industrial economy will continue.
Sheng Laiyun, deputy director of the National Bureau of Statistics, introduced at the press conference that under the influence of various factors, the industrial recovery was good in the first quarter, and from the perspective of the development of the post-trend, the industrial economy will continue to recover. However, he also said that China is still in the stage of structural adjustment, transformation and upgrading, and some enterprises have to carry out transformation and upgrading, so they have to bear some pains of transformation.
Sheng Laiyun introduced that the industry recovered well in the first quarter, first of all, it was promoted by policies, and the confidence of enterprise development was increasing.
At the same time, there were positive changes in both internal and external demand in the first quarter. Exports in the first quarter were better than expected, and the industrial product export delivery value was 0.8% in the first quarter of this year, up 3 percentage points from the fourth quarter of last year. From the perspective of domestic demand, the added value of consumer goods in the first quarter of this year increased by 4.2% year-on-year, rising by more than 4 percentage points.
In addition, the industrial recovery is also related to the promotion of some recent policies.
Sheng Laiyun introduced that the central government has introduced a large-scale policy of upgrading equipment and replacing consumer goods with old ones, which has also enhanced the confidence of enterprises to a certain extent. Some enterprises can arrange production in advance. There is also a good reason for the rebound, which is related to the continuous cultivation of new kinetic energy.
Sheng Laiyun said that from the perspective of the post-trend, several reasons that support the industrial recovery will continue to play a role in the future, so comprehensive judgment shows that the industrial economy will continue to recover.
Sheng Laiyun said at the press conference: "In the next stage, China is still in a critical stage of structural adjustment, transformation and upgrading, and some enterprises have to carry out transformation and upgrading, so everyone has to bear some pains of transformation. Due to the adjustment of traditional industries and the cultivation of new kinetic energy, it is normal for some economic growth fluctuations to occur, but the quality of development is constantly improving and high-quality development is constantly improving. This is the fundamentals of China’s economic recovery. "