April Data Shows China's Economy Growing Steadily

Source: Xinhua | 2023-05-26 11:39

China fully resumed normal social and economic operation in April, with multiple output and demand indicators registering faster growth, indicating continued upward momentum in economic performance.

Last month, the world's second-largest economy saw a steady expansion in industrial output, consumption and the services sector, among others, data from the National Bureau of Statistics (NBS) showed Tuesday.

The value-added industrial output went up 5.6 percent year on year, 1.7 percentage points higher than that of March.

In particular, the production of new-energy automobiles and solar cells surged 85.4 percent and 69.1 percent year on year, respectively.

The retail sales of consumer goods, a major indicator of the country's consumption strength, surged 18.4 percent year on year to nearly 3.5 trillion yuan (about 503 billion U.S. dollars).

The country's production index of the services sector rose 13.5 percent year on year last month, 4.3 percentage points faster than that of March.

In the first four months, fixed-asset investment rose 4.7 percent year on year to 14.75 trillion yuan, with investment in high-tech manufacturing and services increasing 15.3 percent and 13.4 percent, respectively.

While major economic indicators have pointed to sustained economic development, the NBS spokesperson Fu Linghui warned of challenges including the complex international situation and insufficient domestic demand.

Looking forward, China will expand demand, accelerate the development of a modern industrial system, and work hard to promote high-quality economic development, said Fu.