China’s Strong Economic Growth in Q1 2024: An In-Depth Look at Key Indicators

China’s economy showed strong growth in the first quarter of 2024, with mainland China’s GDP reaching around RMB29.6 trillion (US$4.09 trillion) and a year-on-year increase of 5.3%. Despite this, key economic indicators such as consumption, export, and investment showed mixed results.

In terms of consumption, total retail sales of consumer goods increased by approximately RMB12 trillion (US$1.66 trillion), rising by 4.7% year-on-year, slightly lower than the 5.4% forecasted. The industrial sector grew by 6.1%, falling short of the expected 6.6%. Meanwhile, investment in fixed assets climbed by RMB10 trillion (US$1.38 trillion) or 4.5% year-on-year, surpassing the expected 4% 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 6.2% year-on-year increase after taking price factors into account.

On a regional level, urban residents saw their per capita disposable income rise to RMB15,150 (US$2,090), a real increase of 5.3%, while rural residents experienced a higher growth rate of 7.7%, with per capita disposable income reaching RMB6,596 (US$911). Overall, despite some mixed results for key economic indicators