By Cui Can
China's economy got off to a steady start in the first quarter of 2022, and the country is confident in sustaining the growth momentum for the whole year, despite challenges posed by the increasingly complex international environment and resurgences of COVID-19, the National Bureau of Statistics said at a press conference Monday.
Fu Linghui, spokesperson of the National Bureau of Statistics and director general of the Department of Comprehensive Statistics of the National Bureau of Statistics, attends a press conference in Beijing on April 18, 2022. [Photo by Xu Xiang/China SCIO]
Though some major indicators have seen slower increases and the downward economic pressure is on the rise, the long-term economic fundamentals remain sound and the continued momentum of economic recovery has not changed, said Fu Linghui, an official from the NBS.
From January to March, China's gross domestic product (GDP) grew 4.8% year on year to 27.02 trillion yuan (US$4.24 trillion), picking up pace from a 4% increase in the fourth quarter of last year , according to the NBS.
Data also shows that, in the first quarter, value-added industrial output posted a 6.5% increase from a year ago, and fixed-asset investment jumped 9.3%. Retail sales of consumer goods went up 3.3%. The surveyed urban unemployment rate stood at 5.5% from January to March, with 2.85 million new urban jobs created in this period.
In the first three months, final consumption expenditure contributed to 69.4% of the GDP. Fu said the country will maintain its recovery in the consumption sector.
As the virus is gradually kept at bay, and the employment-first policy continues to deliver solid results, the willingness and capabilities of domestic residents to spend are expected to grow, Fu said.
China also pushed forward the construction of major projects. In the first quarter, investment in the manufacturing industry and infrastructure construction expanded 15.6% and 8.5%, respectively. With an array of key projects put into place in the 14th Five-Year Plan period (2021-2025), the country will further expand its investment in such sectors.
Industrial upgrading has picked up steam in China in recent years. In the first quarter of this year, China's high-tech manufacturing sector and equipment manufacturing sector saw their added value increase 14.2% and 8.1%, respectively.
The country's endeavor to promote green transformation and innovation also registered new driving force for the economy. China's output of new energy vehicles and NEV batteries surged 140.8% and 24.3%, respectively, in the first three months.
In addition, China's total import and export registered a 10.7% year-on-year increase from an already high number last year, showcasing the country's great resilience in foreign trade.
