In the first quarter of 2024, China’s economy expanded by 5.3% year-on-year, surpassing the forecasted growth rate of 4.8%, and marking a significant increase of 1.6 percentage points from the previous quarter. The country’s gross domestic product (GDP) reached approximately RMB29.6 trillion (US$4.09 trillion) during this period.
Despite this growth, key economic indicators such as consumption, export, and investment showed mixed results in the first quarter. The industrial sector and total consumption grew by 6.1%, falling short of the expected 6.6%. Total retail sales of consumer goods increased by approximately RMB12 trillion (US$1.66 trillion), rising by only 4.7% year-on-year, slightly below the forecasted 5.4%. Meanwhile, investment in fixed assets climbed by RMB10 trillion (US$1.38 trillion) or 4.5% year-on-year, surpassing the expected growth rate of 4%.
In terms of sector-specific growth, the service sector expanded by 5% in the first quarter, with notable increases in transportation, storage, postal services, and tourism-related activities. Average disposable income per capita for the quarter stood at RMB11,539 (US$1,595), reflecting a significant increase of 6.2% year-on-year after taking price factors into account.
On a regional level, urban residents saw their per capita disposable income rise to RMB15,150 (US$2