(MENAFN) According to data released by the National Bureau of Statistics (NBS) on Tuesday, China's gross domestic product (GDP) expanded by 5.3 percent year on year in the first quarter of 2024.
The NBS reported that the country's GDP reached 29.63 trillion yuan (approximately 4.17 trillion U.S. dollars) during this period.
Additionally, on a quarterly basis, the economy grew by 1.6 percent in the first three months.
"China's high-quality development has made new achievements in the first quarter. The national economy has sustained recovery momentum and got off to a good start," Sheng Laiyun, the deputy director of the National Bureau of Statistics (NBS), made these remarks during a press conference.
Sheng highlighted positive factors during the period, including increased production demand, stable employment and prices, and a growing sense of confidence in the market.
"These positive factors driving economic recovery are accumulating and strengthening, laying a good foundation for full-year growth," stated Sheng.
Sheng attributed the positive momentum in the first quarter to the implementation of supportive government policies and intensified macro-control efforts. He noted that these measures had contributed to the stable growth of China's economy.
Last year, China's GDP grew by 5.2 percent year on year, and for 2024, the country has set a target of around 5 percent economic growth for the full year.
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