Caifin News April 16 News, the State Council Information Office today (April 16) held a press conference and invited Sheng Laiyun, Deputy Director of the National Bureau of Statistics, to introduce the operation of China's national economy in the first quarter of 2024. The data released at the meeting showed that preliminary calculations show that the GDP in the first quarter was 29,629.9 billion yuan at constant prices, a year-on-year increase of 5.3%, and a quarter-on-quarter increase of 1.6%. Breaking it down by industry: the value added in the primary industry was 1,153.8 billion yuan, an increase of 3.3% year on year; the value added in the secondary industry was 10,984.6 billion yuan, an increase of 6.0%; and the value added in the tertiary industry was 17,491.5 billion yuan, an increase of 5.0%.

A good start was achieved in the first quarter of the national economy.

In the first quarter, under the strong leadership of the Party Central Committee with Comrade **** at the core, various regions and departments conscientiously implemented the decision-making arrangements of the Party Central Committee and the State Council, adhered to the principle of seeking progress while maintaining stability, promoting stability through progress, establishing priorities, stepping up macroeconomic regulation, focusing on maintaining stability in expectations, growth, and employment, persistently carrying out structural adjustments, enhancing quality and efficiency, and policy effects continue to show. Production demand is steadily rising, overall stability in employment and prices is maintained, market confidence is constantly strengthening, new achievements in high-quality development have been made, the national economy continues to improve, showing a good start.

Preliminary calculations show that the GDP in the first quarter was 29,629.9 billion yuan at constant prices, a year-on-year increase of 5.3%, and a quarter-on-quarter increase of 1.6%. By industry, the value added in the primary industry was 1,153.8 billion yuan, up 3.3% year on year; the value added in the secondary industry was 10,984.6 billion yuan, up 6.0%; and the value added in the tertiary industry was 17,491.5 billion yuan, up 5.0%.

1. The agricultural production situation is good, and the livestock industry is developing steadily.

In the first quarter, the value added of agriculture (planting industry) increased by 3.8% year on year. The sowing area of winter wheat remained stable, overall growth was good, and spring plowing and sowing progressed steadily. According to the national planting intention survey, the intended sowing areas of rice and corn in the country have increased. In the first quarter, the output of pork, beef, mutton, and poultry meat was 24.9 million tons, an increase of 1.4% year on year. Among them, pork production decreased by 0.4%, while beef, mutton, and poultry meat production increased by 3.6%, 0.1%, and 6.1% respectively; milk production increased by 5.1%, and poultry egg production increased by 1.5%. At the end of the first quarter, the stock of pigs was 408.5 million, a year-on-year decrease of 5.2%; in the first quarter, 194.55 million pigs were slaughtered, a decrease of 2.2%.

2. Industrial production is growing rapidly, with accelerated growth in high-tech manufacturing.

In the first quarter, the value added of industrial enterprises above designated size increased by 6.1% year on year. Looking at the three major categories, the value added of the mining industry grew by 1.6%, manufacturing by 6.7%, and the production and supply of electricity, heat, gas, and water by 6.9%. The value added of high-tech manufacturing increased by 7.5%, accelerating by 2.6 percentage points compared to the previous year's fourth quarter. By economic type, the value added of state-controlled enterprises increased by 5.2%; that of shareholding enterprises increased by 6.5%, foreign-invested enterprises from Hong Kong, Macao, and Taiwan increased by 4.8%; and private enterprises increased by 5.4%. In terms of products, the production of charging stations, 3D printing equipment, and electronic component products increased by 41.7%, 40.6%, and 39.5% year on year, respectively. In March, the value added of industrial enterprises above designated size increased by 4.5% year on year, a month-on-month decrease of 0.08%. In March, the manufacturing purchasing managers' index was 50.8%, an increase of 1.7 percentage points from the previous month, and the index of enterprises' production and operation expectations was 55.6%, up by 1.4 percentage points. From January to February, the total profits of industrial enterprises above designated size nationwide reached 914.1 billion yuan, an increase of 10.2% year on year.

The service industry is showing good momentum, with modern services growing rapidly.

In the first quarter, the value added of the service industry increased by 5.0% year on year. Among them, the value added of information transmission, software and information technology services, leasing and commercial services, transportation, warehousing and postal services, lodging and dining services, and wholesale and retail trade increased by 13.7%, 10.8%, 7.3%, 7.3%, and 6.0%, respectively. In March, the national service industry production index increased by 5.0% year on year. Specifically, the production index of information transmission, software and information technology services, leasing and commercial services, and lodging and dining services increased by 12.7%, 8.2%, and 6.2% respectively. From January to February, the operating income of service enterprises above designated size increased by 12.0% year on year, with the growth rate accelerating by 3.7 percentage points compared to the previous year.

Market sales maintain stable growth, with rapid growth in service consumption. In the first quarter, the total retail sales of consumer goods reached 12,032.7 billion yuan, an increase of 4.7% year on year.

Divided by the location of the operating units, urban retail sales of consumer goods amounted to 10,428 billion yuan, an increase of 4.6%; rural retail sales reached 1,604.7 billion yuan, up by 5.2%. In terms of consumption type, retail sales of goods were 10,688.2 billion yuan, a growth of 4.0%; while dining revenue was 1,344.5 billion yuan, marking a 10.8% increase. The sales of basic living goods were good, with retail sales of grain and oil products and beverage products of designated enterprises increasing by 9.6% and 6.5% respectively. Sales of some upgraded products grew rapidly, with retail sales of sports and entertainment goods and communication equipment of designated enterprises increasing by 14.2% and 13.2% respectively. The national online retail sales reached 3,308.2 billion yuan, up by 12.4% year on year. Among them, physical goods online retail sales were 2,805.3 billion yuan, an 11.6% increase, accounting for 23.3% of the total retail sales of consumer goods. In March, the total retail sales of consumer goods increased by 3.1% year on year and 0.26% month on month. The service retail sales increased by 10.0% year on year in the first quarter.

Fixed asset investment remains stable with moderate growth, and investments in high-tech industries grow rapidly. In the first quarter, national fixed asset investment (excluding rural households) reached 10,004.2 billion yuan, up by 4.5% year on year, an increase of 1.5 percentage points from the previous year.

By area, infrastructure investment grew by 6.5%, manufacturing investment by 9.9%, and real estate development investment decreased by 9.5%. New commercial residential buildings sold an area of 226.68 million square meters nationwide, a year-on-year decrease of 19.4%. The sales revenue of new commercial residential buildings was 2,135.5 billion yuan, down by 27.6%. In terms of industries, investments in the primary, secondary, and tertiary industries increased by 1.0%, 13.4%, and 0.8% respectively. Private investment increased by 0.5%; after deducting real estate development investment, private investment rose by 7.7%. Investment in high-tech industries increased by 11.4% year on year, with investments in high-tech manufacturing and high-tech services growing by 10.8% and 12.7% respectively. In the high-tech manufacturing sector, investments in aerospace equipment manufacturing and computer and office equipment manufacturing increased by 42.7% and 11.8% respectively; in the high-tech services sector, investments in e-commerce services and information services grew by 24.6% and 16.9% respectively. In March, fixed asset investment (excluding rural households) increased by 0.14% month on month.

Import and export of goods maintain stable growth, with continuous optimization of trade structure.

In the first quarter, the total value of goods imports and exports was 10,169.3 billion yuan, a year-on-year increase of 5.0%. Among them, exports were 5,737.8 billion yuan, an increase of 4.9%; imports were 4,431.5 billion yuan, an increase of 5.0%. After deducting imports from exports, the trade surplus was 1,306.3 billion yuan. The import and export of private enterprises increased by 10.7%, accounting for 54.3% of the total import and export volume. The import and export trade with countries participating in the Belt and Road Initiative concept increased by 5.5%, accounting for 47.4% of the total import and export volume. The export of electromechanical products increased by 6.8%, accounting for 59.2% of the total export volume. In March, the total import and export value was 3,558 billion yuan, a year-on-year decrease of 1.3%. Among them, exports were 1,986.9 billion yuan, a decrease of 3.8%; imports were 1,571 billion yuan, an increase of 2.0%.

Consumer prices overall remained stable, while producer prices in the industrial sector decreased.

In the first quarter, the national consumer price index (CPI) remained flat year-on-year. Looking at different categories, the prices of food, tobacco and alcohol decreased by 1.7%, clothing prices rose by 1.6%, housing prices rose by 0.2%, prices of daily necessities and services rose by 0.8%, transportation and communication prices fell by 1.4%, education, culture and entertainment prices rose by 2.3%, medical care prices rose by 1.4%, and prices of other goods and services rose by 2.9%. In terms of food, tobacco and alcohol prices, the prices of fresh fruits dropped by 7.3%, pork prices decreased by 7.0%, fresh vegetable prices dropped by 3.9%, and grain prices rose by 0.4%. The core CPI, excluding food and energy prices, rose by 0.7% year-on-year. In March, the national consumer price index rose by 0.1% year-on-year and fell by 1.0% month-on-month.

In the first quarter, the national industrial producer prices fell by 2.7% year-on-year. Among them, in March, there was a 2.8% year-on-year decrease and a 0.1% month-on-month decrease. In the first quarter, the industrial producer purchase prices dropped by 3.4% year-on-year. Among them, in March, there was a 3.5% year-on-year decrease and a 0.1% month-on-month decrease.

Overall, the employment situation remains stable, with a slight decrease in urban surveyed unemployment rate.

In the first quarter, the national urban surveyed unemployment rate averaged 5.2%, a decrease of 0.3 percentage points compared to the same period last year. In March, the national urban surveyed unemployment rate was 5.2%, a 0.1 percentage point decrease from the previous month and the same month last year. The surveyed unemployment rate for local registered labor force was 5.3%; for migrant registered labor force it was 5.1%, with the surveyed unemployment rate for migrant agricultural registered labor force at 5.0%. The urban surveyed unemployment rate in 31 major cities was 5.1%. The average weekly working hours of employed personnel nationwide was 48.6 hours. By the end of the first quarter, the total number of rural labor workforce working outside the home was 185.88 million, an increase of 2.2% year-on-year.

Resident incomes are steadily increasing, with rural residents' income growing faster than urban residents'.

In the first quarter, the national per capita disposable income of residents was 11,539 yuan, a nominal increase of 6.2% year-on-year, and an actual increase of 6.2% after deducting price factors. Segmented by habitual residence, the per capita disposable income of urban residents was 15,150 yuan, a nominal increase of 5.3% year-on-year, and an actual increase of 5.3%; the per capita disposable income of rural residents was 6,596 yuan, a nominal increase of 7.6% year-on-year, and an actual increase of 7.7%. Looking at income sources, the national per capita wage income, net operating income, net property income, and net transfer income all saw nominal increases of 6.8%, 6.8%, 3.2%, and 4.8% respectively. The national median per capita disposable income was 9,462 yuan, a nominal increase of 6.4% year-on-year.

Overall, the national economy started well in the first quarter, with more positive factors accumulating, laying a good foundation for achieving the annual targets. However, it is also necessary to see that the external environment is becoming more complex, severe, and uncertain, and the foundation for the stable and positive economic development is not yet solid. In the next phase, we must adhere to the guidance of **** Thought on Socialism with Chinese Characteristics for a New Era, grasp and implement in detail the spirit of the Central Economic Work Conference and the national 'Two Sessions,' adhere to the principles of seeking progress while maintaining stability, promoting stability through progress, solving primary issues before tackling secondary ones, fully and accurately implementing the new development concept, accelerating the establishment of a new development pattern, focusing on promoting high-quality development, actively cultivating new productive forces, increasing the intensity of macroeconomic policy implementation, effectively enhancing economic vitality, preventing and defusing risks, improving social expectations, consolidating and enhancing the positive trend of economic recovery, and continuously promoting qualitative and efficient improvement and reasonable growth in economic quantity.

Editor/tolk