China’s economic performance in the first two months of the year has been a focus of attention, with data released by the National Bureau of Statistics showing positive signs of recovery and stability. In a critical year to achieve the goals and tasks of the “14th Five-Year Plan”, the endogenous kinetic energy of the economy continued to recover, production demand increased steadily, and the quality of development improved.
According to the National Bureau of Statistics, in the first two months of the year, the added value of industries above designated size increased by 7% year-on-year, the service industry production index rose by 5.8%, and total retail sales of consumer goods increased by 5.5% year-on-year. Fixed asset investment saw a 4.2% growth year-on-year, with private investment turning from a decline to an increase. The import and export of goods also grew rapidly, with a total increase of 8.7%.
The employment situation remains stable, and consumer prices have turned from falling to rising year-on-year. High-tech manufacturing saw an increase in the added value, and investment in high-tech industries and manufacturing technology transformation also increased. Online retail sales of physical goods increased by 14.4% year-on-year.
While the economic performance shows signs of improvement, there are still challenges ahead. Policymakers emphasize the need to strengthen the foundation for economic recovery, as external instability and uncertainties persist. Industry, consumption, and the real estate market are areas that require attention to ensure continued growth.
In response to these challenges, the government has issued policies to promote investment, consumption, and the development of new productive forces. Regions across China are also focusing on the transformation and upgrading of traditional industries to stimulate new vitality with new technologies.
Overall, the positive factors that promote economic recovery are accumulating, and with continued effective macro policies, there is optimism that the expected economic growth target of around 5% can be achieved with hard work and determination.