(MENAFN) According to data released by the National Bureau of Statistics of China, the Chinese economy demonstrated notable growth, expanding by 5.3 percent year-on-year in the first quarter of 2024. This positive growth trajectory reflects the resilience and stability of China's economic foundation amidst various domestic and global challenges. The country's gross domestic product (GDP) reached a significant milestone, standing at 29.6 trillion yuan (equivalent to approximately USD4 trillion) during the January-March period, underscoring its status as one of the world's leading economies.
In addition to the impressive year-on-year growth, the Chinese economy also exhibited robust performance on a quarter-on-quarter basis, with a notable expansion of 1.6 percent recorded in the January-March period. This quarterly growth further emphasizes the sustained momentum and steady trajectory of China's economic development. Notably, the industrial sector played a pivotal role in driving economic growth, with the total added value of industrial enterprises increasing by 6.1 percent year-on-year in the three-month period, reflecting ongoing strength and resilience in industrial production.
Furthermore, the services sector also contributed significantly to the overall economic expansion, with the value of services witnessing a commendable growth rate of 5 percent compared to the same period last year. This highlights the diversified nature of China's economy, with both manufacturing and service-based industries playing integral roles in driving economic activity and generating value. Moreover, the total value of imports and exports of goods amounted to 10.16 trillion yuan (approximately USD1.4 trillion), marking a 5 percent year-on-year increase, underscoring China's continued engagement in global trade and its role as a key player in the international market.
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